Bitcoin toys with a key price support of $60,000 have been retested many times

Bitcoin (Bitcoin) It rebounded to a critical $58,400 on November 17, as prices continued to fluctuate that day.

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

Analyst: This is not a “real” bear market

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD suddenly reversed after falling below 59,000 USD for the fourth time in 24 hours.

On Tuesday, the $58,400 level has been announced as a key line for the bulls, which is necessary to avoid further losses.

Like the form, Bitcoin quickly recovered above $60,000 after retesting, and saw a local high of $60,890 on Bitstamp.

“The real BTC bear market is still a few months away,” hopeful Rekt Capital Summarize.

Trader Pentoshi forecast “In the next 1-3 days” return to the area between $62,000 and $63,000, also urging to remain calm about the current trend.

As the similarities with the previous bull market are still very concerned, the Twitter account TechDev estimates that Bitcoin in 2021 will perform almost the same as in 2017, with only a slight delay.

“Since July, PA has continued to lag behind 2017 by 5-8 days,” he said Said Some fresh comments.

If Bitcoin’s Relative Strength Index (RSI), The key factor In a bull market cycle, return to above the trend line Lost He added that during this week’s downturn, it is still possible to set the target price between US$80,000 and US$90,000 by the end of November.

As altcoins are flat, Tesla rises

At the same time, the fluctuating style of price movements is also staged in major altcoins.

related: After the price of Ethereum fell to $4,100, traders focused on the trend reversal

Among the top 10 cryptocurrencies by market capitalization, none have seen a significant rise or fall in the 24 hours as of the time of writing.

Ether (Ethereum) Was flat at around US$4,230, while others cooled after losing 10%-15% each week.

Before the U.S. market opens, Tesla (TSLA) looks set to continue to rebound from Monday’s low. accompany The decline of Bitcoin and altcoins themselves.

Tesla (TSLA) 1-hour candlestick chart. Source: TradingView