Bitcoin (BTC) fell to a 24-hour low prior to Wall Street opening on November 3, when a previous bull run stalled at $ 64,000.
BTC price is falling towards $ 62,000
Data from Cointelegraph Markets Pro and TradingView confirmed the return of an uninspiring sideways movement after Tuesday’s volatility.
As Cointelegraph reported, BTC / USD surged nearly $ 4,000 before peaking, with momentum then weakening, hitting lows of $ 62,400 at the time of writing.
As always for a post-halving Q4, analysts continued to put all bearish theories aside.
“The market looks prepared,” summarized the popular Twitter account TechDev.
A separate re-examination of the Fibonacci levels that determined the highs of the Bitcoin price cycle in both quarters of 2013 and 2017 after the fourth quarter halved.
Should BTC / USD repeat history, even the impending extension of 4,236 at USD 73,500 would mark the beginning, not the end, of the most intense period of gains.
“Will it mark the top or will we be just above log 2.272 again? I can’t say for sure, of course, but I expect the top of the 2 week RSI channel to tell us, ”he wrote, referring to Bitcoin’s bullish relative strength index.
“But if you don’t expect either, and instead you think that BTC will suddenly hit a linear 4.236 for the first time in history, with the 2-week RSI failing to hit the channel for the first time in history … For me, that is.” “An extremely low probability bet.”
In the short term, the rising financing rates coincided with the fall in prices.
SOL replaces DOT at the Altcoin All-Time-High-Fest
Altcoins continued to be far from peaceful on Wednesday as Ether (ETH) continued to hit new all-time highs.
Similarly, Bitcoin “Moonvember” begins as data shows November is the best month for the S&P 500
ETH / USD was backed by Solana (SOL), which made its own comeback, posting all-time highs of $ 235 that day.
Polkadot (DOT), which also broke new records on Tuesday, meanwhile took a breather and was still trading above $ 50 at the time of writing.
Cointelegraph had previously reported predictions that put ETH up to $ 14,000 and DOT at $ 100 next.