Bitcoin (BTC) challenged entirely new support levels on October 14 after the quick success market topped $ 58,000.
1-hour BTC / USD candlestick chart (Bitstamp). Source: TradingView
Bitcoin dropped to nearly $ 57,000
I was tracking Cointelegraph Markets Pro and TradingView BTC / USD data as it reversed its trend towards $ 57,000 after hitting $ 58,540 on Bitstamp.
The moves mimic the first time Bitcoin hit $ 58,000 in February – several consolidation attempts were made, followed by a series of highs in April.
While indicators on the chain show Bitcoin as another beast in the fourth quarter, the sentiment is pretty optimistic this time around.
“Bitcoin is likely to continue this quest for all-time highs,” Cointelegraph contributor Michael van de Poppe tweeted in his latest Twitter update.
“Big waiver of $ 54,000. We strongly suspect retesting at $ 50,000. ”
The consolidation of $ 50,000 in support – albeit for the second time in 2021 – will be a clear sign of market movement as experts prepare for what they expect will be an explosive end to the year.
But a trader and analyst at Rekt Capital had potential cause for concern this week. When minimized, BTC / USD cannot block weekly lights above $ 60,000, and duplicate performance can also lead to a false correction.
That leaves the bulls until Sunday to break the historic watermark, which could still help ahead of Monday’s ETF approval decision.
Polkadot Breakout Altcoin Return Addresses
Meanwhile, altcoins have had a short respite due to weakness in the face of the bitcoin season.
On the subject: Price Analysis 10/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI
The exception was Polkadot (DOT), which gained 28% in a week on news that auctions will finally begin next month – a five-year original feature in development.
1-hour light chart DOT / USD (Kraken). Source: TradingView
The largest altcoin, ETH (ETH), managed to post a 5.3% daily gain, with all top 10 cryptocurrencies trading higher by market value on the day Bitcoin slowed down.