Bitcoin analysts “highly doubt” the return to $50,000-will the weekly closing trigger a correction?


Bitcoin (Bitcoin) After the overnight success brought the market to over $58,000, a new support level was challenged on October 14th

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin “falls” to close to $57,000

Data from Cointelegraph Markets Pro with Transaction view After Bitstamp hit a high of 58,540 USD, BTC/USD fell to 57,000 USD.

These moves mimic the situation where Bitcoin broke through $58,000 for the first time in February-interspersed with consolidation in several attempts, and eventually rose to April’s all-time high.

Although on-chain indicators show that Bitcoin is Different beasts However, in the fourth quarter, the sentiment was also bullish this time.

“Bitcoin is likely to just continue to move towards new historical highs,” Cointelegraph writer Michaël van de Poppe wrote In his latest Twitter update.

“It rebounded sharply from US$54,000. I very much doubt that we will see a retest of US$50,000.”

Consolidating $50,000 as support-although for the second time in 2021-will form a clear signal on the market trajectory, as experts are preparing for their goals Expected Will be the explosive ending of this year.

However, for traders and analysts Rekt Capital, this week may be a cause for concern.Looking at it narrowly, BTC/USD failed to close the weekly candle above 60,000 US dollars. Repeated performance may also mean imitation corrections.

This allows the bulls to break the historical watermark until Sunday, which may still be helpful before Monday Approval decision Futures-based exchange-traded funds (ETF).

Polkadot breaks into the headlines of the return of altcoins

At the same time, in the face of the “Bitcoin season”, altcoins got a short respite from weakness.

related: 10/13 Price analysis: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI

The exception is Polkadot (point), due to news that its auction will finally start next month-a key original feature that rose by 28% in a week 5 years In production.

DOT/USD 1-hour candlestick chart (Kraken). Source: TradingView

The largest altcoin Ethereum (Ethereum) Achieved a daily increase of 5.3%. As Bitcoin slowed down, all the top ten cryptocurrencies by market capitalization rose on the same day.