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Bitcoin toys with $60K as crucial price support level sees multiple retests

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Bitcoin (BTC) bounced on the pivotal $58,400 throughout Nov. 17 because the day continued uneven value motion. 

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

Analyst: This isn’t the “actual” bear market

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD abruptly reversing after its fourth wick under $59,000 in 24 hours.

The $58,400 stage had been pronounced as a key line within the sand for bulls Tuesday, which was mandatory to carry with a purpose to keep away from deeper losses.

True to kind, Bitcoin rapidly returned above $60,000 after the retest to see native highs of $60,890 on Bitstamp.

“The actual BTC Bear Market remains to be months away,” a hopeful Rekt Capital summarized.

Fellow dealer Pentoshi forecast a return to a zone between $62,000 and $63,000 “over the following 1-3 days,” likewise urging calm over present strikes.

With similarities to earlier bull markets nonetheless very a lot in focus, Twitter account TechDev estimated that Bitcoin in 2021 is appearing virtually identically to 2017 with a small delay.

“PA continues to remain 5–8 days behind 2017 since July,” he said in a part of contemporary commentary.

Ought to Bitcoin’s relative power index (RSI), a key factor in bull cycles, get well above a trendline it lost throughout this week’s downturn, a value goal of $80,000–$90,000 stays potential by the tip of November, he added. 

Tesla features as altcoins keep flat

The ranging model of value motion, in the meantime, additionally performed out throughout main altcoins.

Associated: Traders watch for a trend reversal after Ethereum price drops to $4,100

Out of the highest 10 cryptocurrencies by market capitalization, none noticed important strikes up or down total over the 24 hours to the time of writing. 

Ether (ETH) was flat at round $4,230, whereas others cooled after 10%–15% weekly losses.

Previous to the open in america, Tesla (TSLA) regarded set to proceed a restoration from Monday’s lows, which accompanied Bitcoin and altcoins’ personal comedown.

Tesla (TSLA) 1-hour candle chart. Supply: TradingView