Bitcoin (BTC) fell just below $60,000 on October 22 as a correction from record highs heightened fears of market strength.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Trader expects to buy BTC with a minimum of $56,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD bottomed at $59,930 on Bitstamp, down 6% on the day.
The rebound pushed the pair back above the $60,000 limit, but caution remained the biggest concern as the price dropped below $61,000 during the week.
Cointelegraph member Mikael van de Poppe summed up the situation: “When we look at this $64,000 area as a critical level for the outbreak, the market has failed, so a correction is taking place.”
“Overall, $56-59k is a good place to buy bitcoins.”
It turns out that the previous all-time high at $64,900 offered almost no new support, instead becoming more of a recurring resistance area as the bulls were unlucky to consolidate their recent gains.
The optimism, as usual, came only from those with a long-term perspective. Among them was popular Twitter analyst TechDev, who emphasized that 2021 is still in line with historical beef market trends.
“BTC’s ultimate momentum has always been five degrees steeper than the mid-cycle rally,” he noted alongside the comparison chart.
“So far true. If this continues and the $228,000-$250,000 window (the two most historically reliable fictional targets) is reached…it will happen in late January. It will be interesting to see.”
Featured chart for BTC/USD. Source: TechDev / Twitter
Ethereum tests traders’ decision
As such, Bitcoin made space for altcoins in shorter time frames, and in the top 20 cryptocurrencies by market cap led by Solana (SOL), it gained 13% in 24 hours.
On the topic: Bulls are battling to keep the price of Ethereum above $4K before the $435 million options expire on Friday.
Ether (ETH), after a failed attempt to reach all-time highs, fell below $4,000 after a short return.