Bitcoin (BTC) rebounded at the crucial $ 58,400 during November 17 as the day continued troubled price movement.
Analyst: This is not the “real” bear market
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD abruptly reversed below USD 59,000 in 24 hours after its fourth wick.
The $ 58,400 mark was declared on Tuesday as a key bull line that had to be held to avoid deeper losses.
As it should be, Bitcoin quickly returned above $ 60,000 after retesting, hitting local highs of $ 60,890 on Bitstamp.
“The real BTC bear market is still months away,” summarized a hopeful Rekt Capital.
Trading colleague Pentoshi predicted a return to a zone between 62,000 and 63,000 US dollars “in the next 1-3 days” and also urged calm about the current movements.
One thing that should not be lost sight of. Corrections like this happened all the time in 2017. And one in each 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 condemn you. hates dms. DMs are scams (@ Pentosh1) November 17, 2021
With similarities with previous bull markets still in strong focus, the Twitter account TechDev estimates that Bitcoin will trade practically identically to 2017 with a slight delay in 2021.
“PA has still lagged 5–8 days behind 2017 since July,” he said in a new comment.
Should Bitcoin’s Relative Strength Index (RSI), a key factor in bull cycles, rebound above a trendline it lost during this week’s downturn, a target of $ 80,000 to $ 90,000 through November remains possible, he added .
Tesla wins as altcoins remain unchanged
The different style of the price campaign meanwhile also played out with the most important Altcoins.
Related: Traders look for a trend reversal after Ethereum price fell to $ 4,100
Of the top 10 cryptocurrencies by market capitalization, there were no significant up or down movements in the 24 hours up to the editorial deadline.
Ether (ETH) was flat at around $ 4,230 while others cooled off after 10-15% weekly losses.
Prior to opening in the US, Tesla (TSLA) appeared to be continuing a rebound from Monday’s lows that accompanied Bitcoin and altcoins’ own decline.