After rebounding overnight, Bitcoin is following TSLA south, which is a familiar pattern to start the week as BTC and TSLA falls
As U.S. markets began on Nov. 15, Bitcoin (BTC) hit $65,000 as support after a weekend rally ended in a pullback.
The price of Bitcoin is expected to rise in the near future, according to analysts
BTC/USD gave back a part of its overnight gains after hitting local highs above $66,000, according to data from Cointelegraph Markets Pro and TradingView.
In a break from recent patterns, the pair failed to climb further into the opening of Wall Street trade, instead aiming for April’s previous all-time high.
Higher levels were more necessary to Cointelegraph writer Michal van de Poppe in order to maintain general bullish momentum in the short term.
Along with an annotated graphic, he noted, “Still looking at a probable rising wedge pattern here.”
“Clear bullish breaker if Bitcoin breaks above $66.4-66.8K.”
Other signs drew attention, indicating that there may be a lot more room for price growth before conventional cycle peak signals appear.
Philip Swift, author of data portal Look Into Bitcoin, compared the present market to the “overheated” climate of early 2021 by highlighting the spent output profit ratio (SOPR).
“The daily p/l levels on-chain are extremely low. Yesterday was close to being negative once more. We’re still a long way from the overheated levels visible on the chart’s left side “He made a comment:
“With funding pretty flat too, probably not much longer before we start meaningfully trending up again.”
SOPR examines the price at which coins moved over a given time period and can be used to predict investor behavior at various stages of Bitcoin’s price cycle.
Tesla Fall Demonstrates the Need for Crypto Testing
Meanwhile, Ether (ETH), Solana (SOL), and Polkadot (DOT) were the top three main altcoins for the day, with other tokens seeing little progress.
At the time of writing, ETH/USD was up 2.6 percent, closing close on both all-time highs and the $5,000 psychological barrier.
Want me to sell more stock, Bernie? Just say the word …— Elon Musk (@elonmusk) November 14, 2021
Tesla (TSLA) plunged nearly 3% on traditional markets as the U.S. markets opened, a move that drew copycat behavior from Bitcoin in particular, as it did at the same time last week.
Elon Musk, the CEO of Tesla, vowed to increase his stock sell-offs after a heated Twitter argument.
