Bitcoin ( $60,115.00 ) (BTC) fell to 24-hour lows before Wall Street’s open on Nov. 3 as a previous bull run halted at $64,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
BTC price inches back toward $62,000
Data from Cointelegraph Markets Pro and TradingView confirmed the return of uninspiring sideways price action after Tuesday’s volatility.
As Cointelegraph reported, BTC/USD rose almost $4,000 before topping out, with momentum then fading away to produce lows of $62,400 at the time of writing.
As ever for a post-halving Q4, analysts continued to cast aside any bearish theories.
“Market looks primed,” popular Twitter account TechDev summarized.
A separate post reexamined Fibonacci levels that have determined Bitcoin ( $60,115.00 ) price cycle tops in both the 2013 and 2017 post-halving Q4 periods.
Should BTC/USD repeat history, even the upcoming 4.236 extension at $73,500 would mark the start, not the end, of the most intense phase of gains.
“Will it mark the top, or will we top just above log 2.272 once again? I cannot say for certain of course, but I do expect the top of the 2-week RSI channel to tell us,” he wrote, referencing Bitcoin ( $60,115.00 ) ’s bullish relative strength index.
“But if you expect neither, and instead think BTC will suddenly top at the linear 4.236 for the first time in history, with the 2-week RSI also failing to hit the channel for the first time in history… To me that is an extremely low probability bet.”BTC/USD annotated chart with Fibonacci levels. Source: TechDev/Twitter
For the short term, funding rates once again creeping higher coincided with the price drawdown.
SOL replaces DOT in altcoin all-time high fest
Altcoins continued to be anything but placid Wednesday as Ether (ETH) continued to new all-time highs.
Related: Bitcoin ( $60,115.00 ) ‘Moonvember’ begins as data shows November is best month for S&P 500
ETH/USD was joined by Solana (SOL), which launched its own comeback to see all-time highs of $235 on the day.
SOL/USD 1-day candle chart (FTX). Source: TradingView
Polkadot ( $37.16 ) (DOT), which also broke new records on Tuesday, meanwhile, took a breather, still trading above $50 at the time of writing.
Cointelegraph earlier reported on predictions that place ETH at up to $14,000 and DOT at $100 next.