Bitcoin retests support, traders predict that the price of BTC will fall to $55,000

Bitcoin (Bitcoin) Vetoed the major breakthrough of the bulls on November 4th, as the sideways consolidation dragged the market to nearly $60,000.

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

BTC hodlers in the “buy on dips” mode

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD is back below 62,000 USD at 8 am UTC time.

The two saw it Hard 24 hours After hitting a local high above $64,000, it eventually rebounded to $60,000 in a short but significant decline.

Although some believe that price movements are a gift to investors who wish to increase their BTC reserves before rising further, analysts are more concerned with longer time frames.

“So far, the BTC retest has been successful for three consecutive weeks,” Rekt Capital famous About the intensity of the $60,000 mark.

“It unfolded exactly as I expected: BTC completed its rebound to 64k, and the cycle of ETH reached 4600+,” at the same time analyst Crypto Ed, Said Be more cautious about current price movements.

“Now pull back, we have to see if we really go that deep. When correct, BTC reaches ~55k and ETH reaches 37-3800.”

Although the results are unpleasant, the price range of $50,000 has long been on the table-Bitcoin is still able to maintain its Overall bullish trajectory as a result.

Altcoins hit a record high

At the same time, altcoins continue to push the team to record highs, which is strangely contrary to Bitcoin’s mediocre short-term performance.

related: The expiration of the $540 million Ethereum option on Friday is beneficial to traders with a target price of $5,000

On Thursday, it was the turn of the ether (Ethereum) Cooling off from a new peak, while Solana (SOL) soared to the top 10 other cryptocurrencies by market capitalization.

SOL/USD 1-hour candlestick chart (FTX). Source: TradingView

Polkadot (DOT) also rebounded after consolidation on Wednesday, hitting $54.55, setting a new record high.