Bitcoin toys with $60K as crucial price support level sees multiple retests

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Bitcoin (BTC) bounced on the pivotal $58,400 throughout Nov. 17 because the day continued uneven value motion. 

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Analyst: This isn’t the “actual” bear market

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD abruptly reversing after its fourth wick beneath $59,000 in 24 hours.

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The $58,400 stage had been pronounced as a key line within the sand for bulls Tuesday, which was mandatory to carry with the intention to keep away from deeper losses.

True to kind, Bitcoin shortly returned above $60,000 after the retest to see native highs of $60,890 on Bitstamp.

“The actual BTC Bear Market remains to be months away,” a hopeful Rekt Capital summarized.

Fellow dealer Pentoshi forecast a return to a zone between $62,000 and $63,000 “over the following 1-3 days,” likewise urging calm over present strikes.

With similarities to earlier bull markets nonetheless very a lot in focus, Twitter account TechDev estimated that Bitcoin in 2021 is performing virtually identically to 2017 with a small delay.

“PA continues to remain 5–8 days behind 2017 since July,” he said in a part of contemporary commentary.

Ought to Bitcoin’s relative energy index (RSI), a key factor in bull cycles, get better above a trendline it lost throughout this week’s downturn, a value goal of $80,000–$90,000 stays attainable by the top of November, he added. 

Tesla positive factors as altcoins keep flat

The ranging type of value motion, in the meantime, additionally performed out throughout main altcoins.

Associated: Traders watch for a trend reversal after Ethereum price drops to $4,100

Out of the highest 10 cryptocurrencies by market capitalization, none noticed important strikes up or down total over the 24 hours to the time of writing. 

Ether (ETH) was flat at round $4,230, whereas others cooled after 10%–15% weekly losses.

Previous to the open in america, Tesla (TSLA) appeared set to proceed a restoration from Monday’s lows, which accompanied Bitcoin and altcoins’ personal comedown.

Tesla (TSLA) 1-hour candle chart. Supply: TradingView