Bitcoin extends the correction as Ethereum sees a “perfect” rejection at all-time highs


Bitcoin (BTC) stayed closer to $ 60,000 on October 22nd after the largest altcoin, Ether (ETH), failed to cement new all-time highs.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

ETH all-time high? Blink and you will miss it

Cointelegraph Markets Pro and TradingView ETH / USD data just hit the record high of $ 4,380 on Bitstamp before getting a hard rejection.

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Traders watched intently as Ethereum appeared to follow Bitcoin to historic new levels, only to encounter immediate resistance and drop sharply into lower territory.

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

At the time of writing, ETH / USD was hovering around $ 4,150 and holding on to $ 4,000 as support, with the exception of a lightning slump that immediately followed the rematch with the all-time high.

ETH / USD 1-day candle chart (Bitstamp). Source: TradingView

Ethereum fared better versus Bitcoin, with the ETH / BTC pair bouncing near the lows last seen in late July.

Bitcoin could experience “additional topside euphoria”

Since Bitcoin could not hold significantly higher levels either, he took a longer break himself as the overheated markets cooled their excitement.

Similar: Too popular: Bitcoin futures ETF threatens to reach the upper limit for contracts

Funding rates normalized on Friday after reaching a state reminiscent of the April blow-off top.

Bitcoin Funding Rates Chart. Source: Bybt

However, as with open interest, these weren’t as hectic as the second-quarter rush, which hit the all-time high of $ 64,900 by this week.

“This means that there may still be room for additional euphoria upwards, but we are at a level that is slowly expanding the market,” commented crypto trading company QCP Capital in its latest market update.