Bitcoin is retesting support, with traders predicting a drop in BTC price to $ 55,000


Bitcoin (BTC) denied the bulls their big break on Nov. 4th as the sideways movement pulled the market closer and closer to $ 60,000.

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

BTC-Hodler in “Buy the Dip” mode

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD was back below $ 62,000 at 8:00 a.m. UTC.

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The pair experienced a difficult 24 hours after hitting local highs above $ 64,000 and eventually rebounding in a brief but significant decline at $ 60,000.

While some felt the price action was a gift to investors looking to top up their BTC stash before another uptrend, analysts focused more on longer periods of time.

“The BTC retest has been successful three weeks in a row so far,” remarked Rekt Capital about the strength of the $ 60,000 mark.

“It’s developing exactly as I expected: BTC has completed its jump to 64,000 and the ETH cycle reached 4600+,” said analyst Crypto Ed meanwhile in a more cautious comment on current price movements.

“If we pull back now, we have to see if we actually go that deep. If correct, BTC to ~ 55k and ETH 37-3800. “

Although the result is inedible, a trip into the $ 50,000 mark has long been on the table – and Bitcoin can therefore maintain its overall bullish course.

Altcoin all-time highs continue

Altcoins, meanwhile, continued to tag teams to hit new all-time highs, in an odd departure from Bitcoin’s uninspiring short-term performance.

Related: Friday’s $ 540 million Ethereum option expiration favored traders with targets at $ 5,000

On Thursday, it was Ether (ETH) ‘s turn to cool off from its new high, while Solana (SOL) climbed to the top to outperform the rest of the top 10 cryptocurrencies by market cap.

SOL / USD 1-hour candle chart (FTX). Source: TradingView

Polkadot (DOT) also returned after consolidation on Wednesday, hitting $ 54.55 to mark another record of its own.