Bitcoin (Bitcoin) It briefly fell below $60,000 on October 22, which was a callback after setting a record high and deepening concerns about market strength.
The minimum buying price of BTC in the eyes of traders is $56,000
The rebound brought the currency pair back to the $60,000 mark, but caution is still the name of the game this week
Cointelegraph writer Michaël van de Poppe “sees the $64,000 area as a key level for a breakthrough, and the market has failed, so corrective measures are being taken” Summarize Regarding the situation.
“Overall; consider $56-59,000 as a good place to buy Bitcoin.”
The previous all-time high of $64,900 provided almost no new support, but became a repeated resistance zone, because the bulls had little luck to obtain new gains.
By convention, optimism comes only from those who adopt a long-term perspective. Among them, the popular Twitter analyst TechDev emphasized that 2021 is still in line with the historical bull market trend.
“The final BTC impulse is always 5 degrees higher than before the mid-cycle peak,” he said famous There is a comparison chart next to it.
Ethereum tests the determination of traders
As a result, Bitcoin gave up its focus on altcoins in a shorter period of time. The top 20 cryptocurrencies by market capitalization were led by Solana (SOL), which rose by 13% in 24 hours.
Ether (Ethereum), after a failed attempt to break the all-time high, it fell below $4,000 after a short rebound.
Bitcoin’s market value share is 45.7%, reflecting the relative strength of the weekend market.
The “worst case” in October, such as Cointelegraph Reported beforeAt the same time, the monthly closing price of BTC/USD is required to be 63,000 US dollars.