Bitcoin (BTC) briefly fell below $60,000 on Oct. 22 as a correction after all-time highs deepened concerns about the market’s strength.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Trader eyes $56,000 minimum BTC buy-in
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $59,930 on Bitstamp, down another 6% on the day.
A rebound took the pair back above the $60,000 mark, but caution remained the name of the game as the week saw the price slide below $61,000.
“Was watching that $64K zone as a crucial level to break and the market has failed, so a corrective move is taking place,” Cointelegraph contributor Michaël van de Poppe summarized about the situation.
“Overall; looking at $56-59K as a good spot to buy Bitcoin.”
The previous all-time high at $64,900 turned out to provide little by way of new support, instead becoming more of a repeat resistance zone as bulls had little luck securing their newly-won gains.
Optimism, as is customary, came only from those adopting a longer-term perspective. Among them was popular Twitter analyst TechDev, who stressed that 2021 was still conforming to historical bull market trends.
“Final BTC impulse has ALWAYS been 5 degrees steeper than the run-up to the mid-cycle peak,” he noted alongside a comparative chart.
“Holding true so far. If it continues, and the 228K-250K window is hit (2 most historically reliable fib-based targets)… It would happen end of Jan. Will be interesting to watch.”BTC/USD annotated chart. Source: TechDev/ Twitter
Ethereum tests traders’ resolve
Bitcoin thus relinquished the limelight to altcoins on shorter timeframes, the top twenty cryptocurrencies by market cap being led by Solana (SOL), up 13% in 24 hours.
Related: Bulls fight to keep Ethereum price above $4K ahead of Friday’s $435M options expiry
Ether (ETH), fresh from a failed attempt to crack new all-time highs, dropped below $4,000 after a brief rebound.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin’s market cap share stood at 45.7%, reflecting the relative strength of alt markets toward the weekend.
The October “worst case scenario,” as Cointelegraph previously reported, meanwhile demands a $63,000 monthly close for BTC/USD.