Tuesday, December 6, 2022

Bitcoin retests support, with trader forecasting BTC price dip to $55K

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Bitcoin (BTC) denied bulls their large break on Nov. 4 as sideways motion dragged the market ever nearer to $60,000.

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

BTC hodlers in “purchase the dip” mode

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD again beneath $62,000 at 8 am UTC.

The pair noticed a difficult 24 hours after hitting native highs above $64,000, lastly bouncing at $60,000 in a short however important dip. 

Whereas some instructed the price motion was a present to buyers trying to add to their BTC stash earlier than additional upside, analysts had been extra targeted on longer timeframes.

“BTC retest has been profitable for 3 weeks in a row so far,” Rekt Capital noted in regards to the energy of the $60,000 mark.

“It’s unfolding precisely as I anticipated: BTC accomplished its bounce to 64k and ETH’s cycle reached 4600+,” fellow analyst Crypto Ed, in the meantime, said in a extra cautious notice on present price strikes.

“Pulling again now, has to be seen if we certainly go that deep. When proper, BTC to ~55k and ETH 37-3800.”

Whereas unpalatable as an consequence, a visit to the $50,000 vary has lengthy been on the desk — with Bitcoin nonetheless in a position to hold its overall bullish trajectory because of this.

Altcoin all-time highs hold coming

Altcoins, in the meantime, continued to tag-team to hit new all-time highs in a curious departure from Bitcoin’s uninspiring short-term efficiency.

Associated: Friday’s $540M Ethereum options expiry favors traders with targets at $5K

On Thursday, it was the flip of Ether (ETH) to cool from its new peak, whereas Solana (SOL) surged increased to outperform the remainder of the highest 10 cryptocurrencies by market capitalization.

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

Polkadot (DOT) additionally returned after consolidation Wednesday, hitting $54.55 to mark an additional report of its personal.