Bitcoin (BTC), which briefly fell below $60,000 Oct. 22, was a correction following all-time highs that deepened market concerns.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Trader eyes $56,000 minimum BTC buy-in
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD hit lows of $59 930 on Bitstamp. This was down another 6%.
The pair rose above $60,000, but it was prudent to remain cautious as the price fell below $61,000 for the week.
Michael van de Poppe, a Cointelegraph contributor, summarized the situation as follows: “Was watching the $64K area as a crucial level for breaking and the market has failed. So a corrective action is taking place.”
“Overall, looking at $56-59K for a good place to buy Bitcoin.”
The $64,900 record high was not able to provide any new support. Instead, it became a resistance zone that bulls found more difficult to overcome.
As is the norm, optimism can only be found in those who have a longer-term view. TechDev, a popular Twitter analyst, stressed that 2021 would still be in line with historical bull market trends.
He noted that the final BTC impulse was ALWAYS 5 degrees higher than the run-up of the mid-cycle peak, and he also included a chart.
“Holding true to this point. It will continue if it continues. It would occur at the end of January. Watch closely.
BTC/USD chart annotated Source: TechDev/ Twitter
Ethereum tests the resolve of traders
Bitcoin was thus relegated to altcoins that are more accessible in shorter time frames. The top twenty cryptocurrencies according to market capital were led by Solana, (SOL), an increase of 13% within 24 hours.
Related: Bulls fight for Ethereum price to remain above $4K before Friday’s expiry of $435M options
After a failed attempt at breaking new all-time highs Ether (ETH) dropped to below $4,000 in a short rebound.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Bitcoin’s market share was 45.7%. This is due to the relative strength alt markets towards the weekend.
Cointelegraph reported that the October “worst-case scenario” requires a $63,000 monthly close of BTC/USD.
Eileen Wilson –Technology and Energy
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