Bitcoin (BTC) experienced a highly anticipated withdrawal on October 13 as the bulls battled the old February holidays.
1-hour BTC / USD candlestick chart (Bitstamp). Source: TradingView
Falling Bitcoin Price Doesn’t Affect Analysts
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD rate from five-month highs turned into a melt of cards below $ 54,000 on Bitstamp.
After hitting the $ 55,000 mark, the pair parted ways on Wednesday with no clear direction in the short term.
But for analysts, these steps did not come as a surprise. The $ 58,000 was presented as a treacherous resistance that was unlikely to break right away, while the opportunity to “buy a dip” to $ 53,000 or below was also in sight for many.
“This drop in bitcoins does not bother me at all,” summed up the trader and analyst at Rekt Capital.
He added that such a consolidation and revision was likely a feature that Bitcoin needed to consolidate new support and continue to hit record highs and beyond.
A similar point of view was held by renowned trader Pentoshi, who suggested that a higher bottom, which could be associated with a withdrawal, could be the last bitcoin before an attack at higher levels.
“Let’s clearly remember if he loses 48,000,” he concluded in a Twitter comment on Tuesday.
Lack of orgasm “pleasant surprise”
Bitcoin is watching it closely despite being within 15% of all time highs, Cointelegraph reports.
Related: Do You Need Bitcoin Hobium? This chart shows the new maximum price for BTC until November.
Google Trends data shows a relative lack of interest in the rise in bitcoin prices in the fourth quarter over the previous year.
While this sentiment shows signs of greed, it hasn’t gone to the extremes that traditionally mark peaks in domestic and general prices.
Charles Edwards, founder of Capriol Asset Management, responded this week: “I was pleasantly surprised by the lack of euphoria as we approached $ 60,000 in bitcoin.”