It was an eventful week for Bitcoin. After reaching a new high of $68,628, Bitcoin has retraced to around $58,000

Bitcoin has fallen below its 50D moving average (MA) for the first time since October 1. The next major support could be found in the $53,000 – $55,000 range, also known as Bitcoin’s accumulation zone (see chart). The previous $60,000 level could become a new resistance for Bitcoin
The pullback was attributed to renewed concerns about greater regulatory scrutiny. See the “Story of the Week” section below for more detail

On November 14, Bitcoin had its first big upgrade in years, called “Taproot,” which should lower transaction fees and improve privacy and scalability. The upgrade went smoothly, though it could take years to be fully adopted

According to data from glassnode, Bitcoin net transfers continue to remain negative, meaning more coins are leaving exchanges than being added to them, suggesting that available supply is still decreasing

The head of energy at Goldman Sachs grabbed headlines when he called gold “the poor man’s crypto.” See the ‘Top News in Digital Assets’ section for a full breakdown of this week’s headlines

On Thursday morning, a Bipartisan group of lawmakers in the US introduced a new bill that would fix many of the problems with the tax reporting provision in the Infrastructure Bill. This new Bill still needs to pass. If it it does it is a very positive catalyst for Bitcoin and other cryptoassets