Bitcoin (BTC) denied bulls their big break on Nov. 4 as sideways action dragged the market ever closer to $60,000.
BTC hodlers in “buy the dip” mode
The pair saw a difficult 24 hours after hitting local highs above $64,000, finally bouncing at $60,000 in a brief but significant dip.
The plebs continue to stack.
— Dylan LeClair (@DylanLeClair_) November 4, 2021
While some suggested the price action was a gift to investors looking to add to their BTC stash before further upside, analysts were more focused on longer timeframes.
“BTC retest has been successful for three weeks in a row thus far,” Rekt Capital noted about the strength of the $60,000 mark.
“It’s unfolding exactly as I expected: BTC completed its bounce to 64k and ETH’s cycle reached 4600+,” fellow analyst Crypto Ed meanwhile said in a more cautious note on current price moves.
“Pulling back now, has to be seen if we indeed go that deep. When right, BTC to ~55k and ETH 37-3800.”
While unpalatable as an outcome, a trip to the $50,000 range has long been on the table — with Bitcoin still able to keep its overall bullish trajectory as a result.
Altcoin all-time highs keep coming
Altcoins meanwhile continued to tag team to hit new all-time highs in a curious departure from Bitcoin’s uninspiring short-term performance.
Polkadot (DOT) also returned after consolidation Wednesday, hitting $54.55 to mark a further record of its own.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.