Bitcoin (BTC) returned to a key value of 58,400 dollars during November 17 as volatile price movements continue today.
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 BTC / USD exchange rate reversed sharply after its fourth week fell below $ 59,000 in 24 hours.
The $ 58,400 level was announced on Tuesday as a key line in the sand for the bulls to hold to avoid deeper losses.
That’s right, Bitcoin quickly climbed above $ 60,000 after testing again to see local peaks of $ 60,890 on Bitstamp.
“The real bear market in BTC is still several months away,” summed up the encouraging Rekt Capital.
Trader Bentoshi expected a return to the $ 62,000-63,000 range “within the next 1-3 days” and asked for calm on the current move.
Given the similarities with previous beef markets that are still in the spotlight, TechDev’s Twitter account has calculated that Bitcoin in 2021 will behave in the same way as in 2017, with a slight delay.
“The Palestinian Authority is still 5-8 days behind in 2017 since July,” he said in a new comment.
He added that if Bitcoin’s relative strength index (RSI), a key factor in bullish cycles, crosses the trend line it lost during this week’s downturn, a price target of $ 80-90,000 is still possible by the end of November.
Tesla makes money while altcoins remain stable
In the meantime, the price action area has also played out for large cryptocurrencies.
About the topic: Traders are looking at the trend reversal after the Ethereum price drops to $ 4100
Among the top 10 cryptocurrencies by market value, no one has seen significant up or down movements overall in the 24-hour period at the time of writing.
Ether (ETH) was unchanged at around $ 4,230, while others have calmed down after weekly losses of 10% to 15%.
Ahead of the opening of US trade, Tesla (TSLA) looks set to continue to recover after Monday’s lowest levels that followed the fall in Bitcoin and altcoins.
