Bitcoin (BTC) briefly fell below $60,000 on Oct. 22 as a correction after all-time highs deepened issues in regards to the market’s power.
Trader eyes $56,000 minimal BTC buy-in
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting lows of $59,930 on Bitstamp, down one other 6% on the day.
A rebound took the pair again above the $60,000 mark, however warning remained the secret as the week
“Was watching that $64K zone as a crucial level to break and the market has failed, so a corrective move is taking place,” Cointelegraph contributor Michaël van de Poppe summarized in regards to the scenario.
“Overall; looking at $56-59K as a good spot to buy Bitcoin.”
The earlier all-time excessive at $64,900 turned out to present little by means of new help, as an alternative changing into extra of a repeat resistance zone as bulls had little luck securing their newly-won features.
Optimism, as is customary, got here solely from these adopting a longer-term perspective. Among them was common Twitter analyst TechDev, who confused that 2021 was nonetheless conforming to historic bull market traits.
“Final BTC impulse has ALWAYS been 5 degrees steeper than the run-up to the mid-cycle peak,” he noted alongside a comparative chart.
“Holding true so far. If it continues, and the 228K-250K window is hit (2 most historically reliable fib-based targets)… It would happen end of Jan. Will be interesting to watch.”
Ethereum exams merchants’ resolve
Bitcoin thus relinquished the limelight to altcoins on shorter timeframes, the highest twenty cryptocurrencies by market cap being led by Solana (SOL), up 13% in 24 hours.
Related: Bulls fight to keep Ethereum price above $4K ahead of Friday’s $435M options expiry
Ether (ETH), recent from a failed try to crack new all-time highs, dropped below $4,000 after a short rebound.
Bitcoin’s market cap share stood at 45.7%, reflecting the relative power of alt markets towards the weekend.
The October “worst case scenario,” as Cointelegraph previously reported, in the meantime calls for a $63,000 month-to-month shut for BTC/USD.
Source: Cointelegraph.com
