Bitcoin (BTC), which fell to 24-hour lows just before Wall Street opened on Nov. 3, was due to a bull run that had halted at $64,000.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC price inches back toward $62,000
TradingView and Cointelegraph Markets Pro data confirmed that Tuesday’s volatility was over and that sideways price movements have returned.
Cointelegraph reported that BTC/USD rose nearly $4,000 before reaching its peak. However, momentum waned to drop to $62,400 by the time of writing.
Analysts continued to ignore bearish theories in the face of a post-halving fourth quarter.
TechDev’s popular Twitter account summarized “Market looks primed”
An additional post examines Fibonacci levels which have determined Bitcoin price cycles tops in the 2013 and 2017 post-halving quarters.
If BTC/USD is able to repeat its history, the $73,500 upcoming extension of 4.236 would be the beginning, not the end of the most intense phase.
“Will this mark the top or will it just barely exceed log 2.272 once more?” He wrote that he couldn’t be certain, but he did expect the top of the 2-week RSI channels to tell him.
“But if neither is expected, and instead believe BTC will suddenly top the linear 4.236 for first time ever in history, with the 2-week RSI also failing the channel, that’s a very low probability bet.”
BTC/USD chart annotated with Fibonacci levels Source: TechDev/Twitter
In the short-term, the increase in funding rates coincided with the price decline.
Altcoin’s all-time high fest: SOL replaces the DOT
Altcoins were anything but calm Wednesday, as Ether (ETH), continued to reach new all-time highs.
Related: The start of Bitcoin Moonvember, as data show that November is the best month for S&P 500
Solana (SOL) joined the ETH/USD pair and launched its own comeback, reaching all-time highs at $235 per day.
1-day candle chart of SOL/USD (FTX). Source: TradingView
Polkadot, which also broke new records Tuesday, took a break and was trading at $50 at the time.
Cointelegraph reported earlier on predictions that ETH would rise to $14,000 and the DOT will rise to $100.
Eileen Wilson –Technology and Energy
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