Bitcoin (BTC) is testing new support levels as of October 14, after crossing $ 58,000 last night.
Bitcoin “crashed” $ 57 thousand
According to data from Cointelegraph Markets Pro and TradingView, the BTC / USD pair fell to $ 57,000 after climbing as high as $ 58,540 on Bitstamp.
This Bitcoin price action is reminiscent of the $ 58,000 target in February. Bitcoin’s few attempts at the time also resulted in consolidation, with the cryptocurrency setting a record in April.
While on-chain data revealed that Bitcoin performed much better in the fourth quarter, market sentiment back then was as high as it is now.
Cointelegraph columnist Michaël van de Poppe said: “Bitcoin is likely to continue to climb to record price levels.” summarized.
“He’s had a nice bounce at $ 54,000. I doubt we’ll ever test $ 50,000 again.”
Investor and analyst Rekt Capital drew attention to an alarming point. The analyst warned that the BTC / USD pair was unable to close the week above $ 60,000 and that a similar performance to May could result in the correction being copied as well.
#BTC has successfully retested its Daily Bull Flag so far
But Bitcoin is still below the main weekly resistance (red)
– Rekt Capital (@rektcapital) October 13, 2021
This means that the bulls should push the price of BTC above $ 60,000 by Sunday so that the same cycle does not repeat itself.
Polkadot shines on the altcoin market
Altcoins also finally found a brief bullish opportunity during “Bitcoin season.”
The market exception, Polkadot (DOT), soared 28 percent after news that parallel chain auctions would finally begin next month. This feature has been in development for five years.
The largest altcoin, Ether (ETH), has gained 5.3 percent in the last 24 hours.