Bitcoin (BTC) rebounded to the critical level of $ 58,400 on November 17 as the day continued changing price movements.
Analyst: This is not a “real” bear market
Data from Cointelegraph Marketplaces Pro and TradingView show an abrupt reversal of BTC / USD after fourth wick below $ 59,000 in 24 hours.
The $ 58,400 level on Tuesday was seen as an important level for the bulls to hold to avoid deeper losses.
As it should be, Bitcoin quickly bounced back above $ 60,000 after retesting to hit a local high of $ 60,890 on Bitstamp.
“The real BTC bear market is still many months away,” hopefully Rekt Money summary.
Commercial colleague Pentoshi forecast is returning to the $ 62,000 to $ 63,000 zone “in the next 1-3 days” and is pushing for calm on current moves.
One thing not to lose track of. Corrections like these will be carried out regularly in 2017. And every month from January to May on Alts. Where else do you get these wild swings? Must have a healthy mindset and see it as an opportunity https://t.co/bIrvq3TC6S
– Pentoshi won’t bother you. hate DMs. DM is a scam (@ Pentosh1) November 17, 2021
Since the focus is still on similarities with previous bull markets, the Twitter account TechDev estimates that Bitcoin will perform practically the same in 2021 as it did in 2017, with a slight delay.
“Since July, PA has remained 5-8 days slower than 2017,” he said speak Part of a new comment.
If Bitcoin’s Relative Strength Index (RSI), a major factor in the bull cycle, rebounds above the trendline it lost during this week’s downturn, it has a target of $ 80,000 to $ 90,000 through November feasible, he added.
Tesla goes up when altcoins are flat
In the meantime, different price action styles are also playing out for the most important altcoins.
Related: Traders watch out for trend reversal after Ethereum price fell to $ 4,100
None of the top ten cryptocurrencies by market capitalization have seen any significant up or down movement in the 24 hours to press time.
Ether (ETH) is around $ 4,230 while others are cooling off after losing 10-15% weekly.
Ahead of the US opening, Tesla (TSLA) is likely to continue its recovery from Monday lows dragged down by Bitcoin and Altcoins.