Cointelegraph Team
Cointelegraph
Bitcoin (BTC) challenged brand-new support levels on Oct. 14 after overnight successes took the market past $58,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin "dips" to near $57,000
Data from Cointelegraph 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 had attacked $58,000 in February — several attempts interspersed by consolidation, followed ultimately by a run to April's all-time highs.
Despite on-chain indicators showing that Bitcoin is a different beast in Q4, however, the mood was just as bullish this time around.
"Bitcoin is most likely just continuing this grind towards the all-time highs," Cointelegraph contributor Michaël van de Poppe wrote in his latest Twitter update.
"Great bounce from $54K. Highly doubt we'll see a retest at $50K happening."
Cementing $50,000 as support — albeit for a second time in 2021 — would form a clear signal on the market trajectory as pundits gear up for what they expect to be an explosive end to the year.
For trader and analyst Rekt Capital, however, there was potential cause for concern this week. Zooming out, BTC/USD has failed to close a weekly candle above $60,000, and a repeat performance could likewise spell a copycat correction
That leaves bulls until Sunday to crack a historical watermark, something which may still be helped before Monday's approval decision on a futures-based exchange-traded fund (ETF).
Polkadot breakout headlines altcoin return
Altcoins meanwhile saw brief respite from weakness in the face of "Bitcoin Season."
The exception was Polkadot (DOT), up 28% in a week on news that its auctions would finally begin next month — a key original feature five years in the making.
DOT/USD 1-hour candle chart (Kraken). Source: TradingView
The largest altcoin Ether (ETH) managed 5.3% daily gains, with all of the top ten cryptocurrencies by market cap trading higher on the day as Bitcoin slowed.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?