Bitcoin (BTC) returned to the key limit of $ 58,400 during November 17 as the day continues to be erratic.
1 hour candlestick chart BTC / USD (bit stamp). Source: TradingView
Analyst: This is not a “real” bear market.
Data from Cointelegraph Markets Pro and TradingView showed that the price of BTC / USD turned sharply after the fourth week fell below $ 59,000 in 24 hours.
The $ 58,400 level was announced as a key line in the sand for the bulls on Tuesday, which should hold to avoid deeper losses.
As you might expect, Bitcoin quickly returned over $ 60,000 after a retest to see local peaks of $ 60,890 on Bitstamp.
“The true bear market in bitcoin is still several months away,” summed up cheerleader Rekt Capital.
Trader Bentoshi expects a return to the $ 62,000- $ 63,000 region “within the next 1-3 days”, and also asks for calm on the current movements.
Since similarities with previous beef markets are still in the spotlight, a TechDev Twitter account calculated that Bitcoin’s work in 2021 will perform the same as in 2017, with a slight delay.
“PA continues to lag behind 2017 by 5-8 days since July,” he said in a new comment.
He added that if the Bitcoin Relative Strength Index (RSI), a key factor in bullish cycles, breaks the trend line lost during this week’s retreat, a price target between $ 80,000 and $ 90,000 will still be possible by the end of November. …
Tesla is growing as altcoins remain stable
Meanwhile, the classified pattern of price action has also emerged in the major altcoins.
Related: Traders looking for a trend reversal after the Ethereum price drops to $ 4,100
Among the top 10 cryptocurrencies by market value, none of them experienced a significant increase or decrease in the 24 hours prior to writing.
Ether (ETH) was flat at around $ 4230, while others fell after weekly losses of 10-15%.
Ahead of US trade, it appears that Tesla (TSLA) has continued to rise from Monday’s lowest levels, accompanied by a decline in bitcoin and altcoins.