Bitcoin (BTC) continued its pattern of sudden spikes on November 24th when sudden momentum resulted in a brief spike above $ 57,400.
Analyst: 2021 is still in line with the bullish pattern
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD made shy moves within a known range on Wednesday.
The pair hit highs of $ 57,875 on Bitstamp in the past 24 hours, which didn’t last long as buyer support continued to weaken closer to the $ 60,000 resistance.
In an overall uninspiring market environment, some took the opportunity to highlight the lingering similarities between 2021 and previous bull years.
The popular TechDev Twitter account focused on Fibonacci levels and the behavior of Bitcoin around them – this year so far has been closely aligned with the standard heading.
All 3 full # BTC cycles saw a “mid-cycle” ricochet of 1.272.
2013 encountered resistance at 1.55.
2017 encountered resistance at 1.618.
In 2021 it was the opposite of both.
After that, historically speaking, mania sets in. pic.twitter.com/VQ5bTQaY5H
– TechDev (@ TechDev_52) November 24, 2021
This analysis feeds into a forecast of the current cycle, which is around $ 300,000.
In previous comments, TechDev agreed that it was “almost time” for Bitcoin’s Relative Strength Index (RSI) to make a comeback of its own, with the following price tag.
Trading colleague Pentoshi, meanwhile, affirmed the belief that $ 60,700 should be reclaimed and held in order to plan long positions.
“So far, the sellers seemed weak down here,” he told Twitter followers.
Zcash tops top 10 crypto profits
With Bitcoin playing a cool game, it was the altcoins that saw more decisive moves on Wednesday.
Similar: Sandbox token SAND increases 260% in November before the Metaverse play-to-earn starts
Ether (ETH) was trading 4.7% to $ 4,290 at the time of writing, the strongest performer among the top 10 cryptocurrencies by market capitalization.
A noticeable outlier among the big tokens was Zcash (ZEC), which rose 26% following Twitter comments from Barry Silbert, founder and CEO of investment giant Digital Currency Group.
Bitcoin $ BTC https://t.co/WcwqGRzlu1
– Barry Silbert (@BarrySilbert) November 24, 2021
Noted for pointing out his potential next purchases, Silbert also attempted to raise the price of Bitcoin on Wednesday before the latest surge.