Bitcoin (BTC) challenged brand-new support levels on October 14 after overnight success pushed the market above $ 58,000
Bitcoin ‘plunges’ to nearly $ 57,000
Data from TBEN Markets Pro and TradingView tracked BTC / USD as it reversed towards $ 57,000 after hitting highs of $ 58,540 on Bitstamp.
The moves mimicked the first time Bitcoin attacked $ 58,000 in February – several interspersed attempts at consolidation, ultimately followed by a run to historic highs in April.
Despite chain indicators showing Bitcoin to be a different beast in Q4, the mood was just as bullish this time around.
“Bitcoin is just continuing this race to historic highs,” said Michaël van de Poppe, contributor to TBEN. wrote in his latest Twitter update.
“Big bounce from $ 54,000. I highly doubt we’ll see a new test at $ 50,000 occur.”
Cementing $ 50,000 as support – albeit for the second time in 2021 – would be a clear signal on the market’s trajectory as pundits brace for what they expect to be an explosive end of the year.
For trader and analyst Rekt Capital, however, there was a potential cause for concern this week. Zooming out, BTC / USD failed to close a weekly candle above $ 60,000, and repeated performance could also mean copy correction
#BTC has successfully retested its Daily Bull Flag so far
But Bitcoin is still below major weekly resistance (red)
– Rekt Capital (@rektcapital) October 13, 2021
That leaves the bulls until Sunday to break a historic watermark, which can be further helped ahead of Monday’s approval decision on an exchange-traded fund (ETF) futures.
Polkadot’s breakout makes headlines on the return of altcoin
Meanwhile, Altcoins have seen a brief respite from weakness from the “Bitcoin Season”.
Related: Price Analysis 10/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI
The exception was Polkadot (DOT), up 28% in one week after announcing that its auction would finally begin next month – a key original feature in the works for five years.
The largest altcoin Ether (ETH) generated daily gains of 5.3%, with the top ten cryptocurrencies by market cap trading higher on that day as Bitcoin slowed.