Bitcoin (BTC) briefly fell below $60,000 on Oct. 22 as a correction after all-time highs deepened concerns about the market’s strength.
Trader eyes $56,000 minimum BTC buy-in
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $59,930 on Bitstamp, down another 6% on the day.
A rebound took the pair back above the $60,000 mark, but caution remained the name of the game as the week
“Was watching that $64K zone as a crucial level to break and the market has failed, so a corrective move is taking place,” Cointelegraph contributor Michaël van de Poppe summarized about the situation.
“Overall; looking at $56-59K as a good spot to buy Bitcoin.”
The previous all-time high at $64,900 turned out to provide little by way of new support, instead becoming more of a repeat resistance zone as bulls had little luck securing their newly-won gains.
Optimism, as is customary, came only from those adopting a longer-term perspective. Among them was popular Twitter analyst TechDev, who stressed that 2021 was still conforming to historical bull market trends.
“Final BTC impulse has ALWAYS been 5 degrees steeper than the run-up to the mid-cycle peak,” he noted alongside a comparative chart.
“Holding true so far. If it continues, and the 228K-250K window is hit (2 most historically reliable fib-based targets)… It would happen end of Jan. Will be interesting to watch.”
Ethereum tests traders’ resolve
Bitcoin thus relinquished the limelight to altcoins on shorter timeframes, the top twenty cryptocurrencies by market cap being led by Solana (SOL), up 13% in 24 hours.
Related: Bulls fight to keep Ethereum price above $4K ahead of Friday’s $435M options expiry
Ether (ETH), fresh from a failed attempt to crack new all-time highs, dropped below $4,000 after a brief rebound.
Bitcoin’s market cap share stood at 45.7%, reflecting the relative strength of alt markets toward the weekend.
The October “worst case scenario,” as Cointelegraph previously reported, meanwhile demands a $63,000 monthly close for BTC/USD.