Bitcoin (BTC) tested the $65,000 support when the US markets opened on November 15 in a weekend wave that ended in a pullback.
1 hour BTC/USD light chart (bit print). Source: TradingView
Analysts Support Positive Bitcoin Price Predictions
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair bounced back overnight after hitting local highs above $66,000.
Moving away from recent patterns, the pair was unable to rally further to open Wall Street’s trading rather than seeing an all-time high in April.
For Cointelegraph contributor Michael van de Poppe, higher levels were more important to maintaining the overall bullish momentum in the short term.
He summarized with the annotated chart, “The potential structure of the ascending wedge is still being studied here.”
“Remove bullish momentum if Bitcoin rises above 66.4K-66.8K.”
Elsewhere, attention has focused on indications that there may be more room for inflation before signs of a classic cycle break emerge.
Philip Swift, creator of computer resource Look Into Bitcoin, singled out the Spent Output Profit Ratio (SOPR), comparing the current market condition to the “overheated” atmosphere in early 2021.
“The daily p/l levels on the series are very low. Yesterday it was close to negative again. We are far from the frenetic levels you see on the left side of the chart.”
“With funding fairly stable, it probably won’t be long before we start in the meaningful direction again.”
Bitcoin SOPR chart. Source: Philip Swift / Twitter
SOPR looks at the price at which currencies have moved over a period of time and is useful in determining investor behavior in different sectors of the bitcoin price cycle.
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Ether (ETH), Solana (SOL), and Polkadot (DOT) were the major altcoins prevalent at the time and stood out from the steady advance of other tokens.
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With a 2.6% gain, ETH/USD is trading above $4,700 at the time of writing, once again nearing its all-time high of $5,000.
In traditional markets, Tesla (TSLA) is down more than 3% in the US open market, copying Bitcoin as it did last week.
In a rather heated exchange on Twitter, CEO Elon Musk threatened to increase sales of his stock.