Bitcoin expands correction because Ethereum believes that “perfect” refuses to be at historical highs

Bitcoin (Bitcoin) On October 22nd, the largest altcoin Ethereum (Ethereum) Failed to consolidate the record high.

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

ETH hit a record high?You will miss it in the blink of an eye

Data from Cointelegraph Markets Pro with Transaction view ETH/USD set a record of $4,380 on Bitstamp, and then was severely rejected.

Traders watched with expectation that Ethereum seemed to follow Bitcoin to rise to a new historical level, but faced direct resistance and fell sharply to a lower range.

Trader and analyst Rekt Capital Call This event is “Picture Perfect Rejection”.

At the time of writing, ETH/USD hovered at $4,150 and retained $4,000 as support, but it flashed immediately after the all-time high resumption.

ETH/USD 1-day candlestick chart (Bitstamp). Source: TradingView

Compared with Bitcoin, Ethereum performed better, and the ETH/BTC pair rebounded near its lowest point in late July.

Bitcoin may see “extra upside pleasure”

It also failed to maintain a significantly higher level. As the overheated market cooled their excitement, Bitcoin itself also took a long break.

related: Too popular: Bitcoin futures ETF is in danger of hitting the contract limit

The financing interest rate returned to normal on Friday and has reached a state reminiscent of the peak of the outbreak since April.

Bitcoin financing rate chart. Source: Bybt

However, like the open positions, these are not as crazy as the second quarter boom, which only hit an all-time high of $64,900 this week.

Crypto trading company QCP Capital commented in its latest market update: “This means that there may still be additional upside, but we are at a level where we are beginning to expand the market.”