As sideways movement dragged the Bitcoin market closer to the $65,000 level on Nov. 4, bulls were denied their major break.
At 8 a.m. UTC, data from TradingView showed that the bitcoin/dollar exchange rate had fallen below $62,000. After achieving local highs of $64,000 in the previous 24 hours, the pair experienced a rough 24 hours before bouncing back to $60,000 in a brief but considerable fall.
The plebs continue to stack.— Dylan LeClair (@DylanLeClair_) November 4, 2021
While others speculated that the price action was a gift to investors eager to add to their Bitcoin holdings before the price continues to rise, analysts were more concerned about longer-term trends.
“BTC retest has been successful for three weeks in a row thus far,” Rekt Capital noted about the strength of the $60,000 mark.
“It’s unfolding exactly as I expected: BTC completed its bounce to 64k and ETH’s cycle reached 4600+,” another analyst Crypto Ed, on the other hand, expressed a more cautious outlook on current price movements.
“Pulling back now, has to be seen if we indeed go that deep. When right, BTC to ~55k and ETH 37-3800.”
Despite the distasteful nature of the results, a journey to the $50,000 range has long been on the table — with Bitcoin still managing to maintain its overall positive trajectory as a result of the development. Altcoins, on the other hand, continued to work together to set new all-time highs, marking a curious divergence from Bitcoin’s dismal short-term performance.
In the cryptocurrency market on Thursday, it was the turn of Ether to drop off from its recent high, while Solana rocketed higher to outperform the rest of the top ten cryptocurrencies by market capitalization. Polkadot (DOT) also made a comeback following a period of consolidation on Wednesday, reaching $54.55 to set a new high for the company.