Bitcoin fell just below $ 60,000 on October 22 as a corrective measure after hitting an all-time high (ATH), raising concerns about market strength.

Price table BTC 4 hours | The source: TradingView

Data from TradingView shows BTC fell as low as $ 59,930, down another 6% that day.

The price then bounced back around the $ 61,000 mark, but people remained cautious.

The previous ATH at $ 64,900 ($ 64,900) offered just a little new support and proved to be a tougher area of ​​repetitive resistance as the bulls were unlucky to make new gains.

Bitcoin’s market cap is currently 45.5%, which reflects the relative strength of the altcoin markets this weekend.

As always, optimism only comes from those who have a long-term perspective. For example, renowned analyst TechDev stressed that 2021 will continue to be in line with historical bull market trends.

“The BTC pulse is always 5 degrees steeper than during the peak run in the middle of the cycle. Still true so far. If this continues, the price will hit $ 228,000-250,000 (the two most reliable Fib-based targets in history) … that should happen by the end of January.

Price table BTC | The source: TechDev

Remember that October “worst case”, as previously reported, predicts a month-end closing of $ 63,000 for the crypto king.

Bitcoin can experience “extreme excitement”

After failing to keep Bitcoin price significantly higher, it took a longer hiatus as the overheated market cooled. The funding rate normalized on Friday and reached a level reminiscent of the recessive peak in April.

diagram Funding ratee of Bitcoin | The source: Bybt

Open Interest (OI) hasn’t been as insane as the Q2 craze though, as the price has generated an ATH of $ 64,900 so far this week.

“That means there’s still room for extreme euphoria, but we’re at a level where the market is starting to stretch,” said crypto trading firm QCP Capital. comment in its latest market update.

ETH tests the determination of the traders

Also following in BTC’s footsteps, ETH price fell back below the $ 4,000 support after setting a new ATH at $ 4,366 on October 21.

ETH 4-Hour Price Chart | The source: TradingView

Traders say ETH followed Bitcoin to new all-time highs only to encounter immediate resistance and drop back into lower ranges.

The trader and analyst Rekt Capital called the event a “perfect rejection”.

$ ETH reached ~ $ 4400 for a beautiful rejection#Crypto #Ether https://t.co/2CMKB268SD pic.twitter.com/pVvEmpAnaN

– Rekt Capital (@rektcapital) October 21, 2021

Compared to Bitcoin, ETH has better results. The ETH / BTC pair has bounced back from its lows last seen in late July.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Minh Anh

According to AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page