Bitcoin (BTC) got off to a good start in the US on December 1, when the open price on Wall Street rose above 58,500 dollars.
1 hour candlestick chart BTC / USD (bit stamp). Source: TradingView
Analyst: $ 56,000 may have been a coup in the resistance
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair rose 2% in one hour on Wednesday, recovering most of the losses overnight.
The day before, the pair had reached $ 59,000 at the same time before giving up the advance and falling to a local low of $ 56,700 on Bitstamp.
For Cointelegraph contributor Mikael van de Poppe, the hope is back that Bitcoin will now challenge the strong resistance of $ 60K.
As the Cointelegraph reported, the $ 60,000 range and above now represents a level of resistance that must be overcome and maintained to ensure that the upside continues.
It seems that recent events have made such a scenario less likely in the short term as resistance intensifies and support evaporates at lower levels.
But similar to what happened at the beginning of the year with a low of $ 30,000, there is hope that $ 50,000 will continue to line up in the sand.
Meanwhile, the November closure marked the first setback in the long-standing bitcoin price pattern that failed to capture the bitcoin price movement. PlanB’s analyst floor model predicted a monthly closing price of $ 98,000.
Ethereum is in the range of 5% from all-time highs
Altcoins took advantage of the recent rally in Bitcoin, with the top 10 cryptocurrencies by market value up 6% on the day.
Related: Ethereum nears new ATH, but derivative data show mixed sentiment
Ether (ETH) is back close to $ 5,000, accompanied by continued strength against Bitcoin.
ETH / BTC reached 0.083 BTC on December 1, marking the highest level since May and an almost challenging level since 2018.
ETH / USD (bit stamp) weekly candlestick chart. Source: TradingView
“ETH is only + 5% discount on new all-time highs,” notes a trader and analyst at Rekt Capital.