Bitcoin sees fresh split-second spikes as analysts say ‘almost time’ for BTC uptick

Bitcoin (BTC), which continues its trend of sudden price spikes, reached a peak at $57,400 on Nov. 24, thanks to sudden momentum.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Nalyst: 2021 conforms to bullish patterns

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD made skittish movements within a familiar range on Wednesday.

Over the last 24 hours, the pair hit $57,875 on Bitstamp, but these were not able to hold as buyer support waned closer towards $60,000 resistance.

Despite a generally uninspiring market, some took this opportunity to highlight the ongoing similarities between 2021 & previous bull-market years.

TechDev, a popular Twitter account, focused on Fibonacci levels, and Bitcoin’s behavior around them. This year, however, has been exactly in line with the standard rubric.

The 1.272 was a bounce point for all three full #BTC cycles. The 1.55 resistance was the next challenge for 2013. 2017 was subject to resistance at the 1.55. It was both at the 1.618 and 2021. This is when mania usually sets in. pic.twitter.com/VQ5bTQaY5H
— TechDev (@TechDev_52) November 24, 2021

This analysis is used to predict the current cycle at $300,000.

TechDev previously commented that it was almost time for Bitcoin’s relative strength indicator (RSI), to make a comeback, with price following.

Pentoshi, a fellow trader, reiterated his belief that $60,000.00 should be reclaimed in order to plan for long positions.

He told his Twitter followers that “so far sellers have appeared weak at the lows down below here”

Zcash surpasses the top 10 crypto gains

While Bitcoin was a fun game, altcoins were making more important moves on Wednesday.

Related: Sandbox token SAND rises 260% in November ahead play-to earn metaverse launch

At $4,290, Ether (ETH), the strongest performer among the top 10 cryptocurrencies according to market capitalization, traded up 4.7%.

ZEC/USD 1-hour candle charts (Coinbase). Source: TradingView

Zcash (ZEC) was a notable outlier among major tokens. It gained 26% following Twitter comments by Barry Silbert, founder & CEO of the investment giant Digital Currency Group.

Bitcoin $BTC https://t.co/WcwqGRzlu1
— Barry Silbert (@BarrySilbert), November 24, 2021

Silbert, who is known for suggesting his next purchases, also tried to increase the Bitcoin price Wednesday before the latest spike.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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