Bitcoin (BTC) fell to a 24-hour low ahead of the Wall Street opening on November 3, when the previous trend stalled at $ 64,000.
1 hour light chart BTC / USD (bit print). Source: TradingView
BTC price returns to $ 62,000.
Data from Cointelegraph Markets Pro and TradingView confirmed the return of boring sideways price movement after Tuesday’s volatility.
As reported by Cointelegraph, BTC / USD rallied nearly $ 4,000 to a peak, and then momentum ebbed, hitting $ 62,400 at the time of writing.
As always, in the fourth quarter, which was followed by a halving, analysts continued to ignore all bearish theories.
“The market looks ready,” summed up the popular TechDev Twitter account.
After examining the individual Fibonacci levels that identified the peaks in the bitcoin price cycle in 2013 and 2017 after cutting in half in the fourth quarter.
If BTC / USD repeats this story, the next expansion from $ 4,236 to $ 73,500 would mark the beginning, not the end of the most intense phase of growth.
“Will it be marked with a summit, or will there be a little more than 2272 of us again? Of course, I can’t say for sure, but I expect the top of the 2-week RSI channel to tell us, ”he wrote, referring to Bitcoin. bullish RSI. …
“But if you don’t expect any of this and instead think that BTC will suddenly reach a linear peak of 4236, for the first time in history, with a 2-week RSI that will also not reach the channel for the first time in history … So for me it is effort Very low probability.
Annotated BTC / USD chart with Fibonacci levels. Source: TechDev / Twitter
In the short term, interest rates on financing rose again along with lower prices.
SOL Replaces DOT in Top Quality at Altcoin Festival
Altcoins remained calm on Wednesday as Ether (ETH) continued to hit record highs.
Related: Bitcoin ‘Moonvember’ Starts When Data Shows November As The Best Month For The S&P 500
Solana (SOL) has joined ETH / USD, which has started its own comeback to see all-time highs of $ 235 per day.