Bitcoin (BTC) tested $ 65,000 as support when US markets opened on November 15 when a rally over the weekend ended in retracement.
Analysts maintain a positive outlook on the price of BTC
In a departure from recent patterns, the pair failed to rally further at the start of Wall St. trading, instead targeting the old all-time high in April.
For the Cointelegraph contributor, Michael van de Poppe, it was the higher levels that were most important to preserve the general bullish momentum in the short term.
“We are still seeing a possible rising wedge structure here,” summarized along with an annotated graph.
“Clear bullish breakout if Bitcoin breaks $ 66,400-66,800”.
Elsewhere, attention turned to indicators that hint that there could be much more room for price growth before the classic highs of the cycle signals appear.
Philip Swift, creator of the data resource Look Into Bitcoin, dit staked the Spent Output Profit Ratio (SOPR) and contrasted the current market state with the “overheated” atmosphere of early 2021.
“These daily chain p / l levels are so low. Yesterday was close to negative again. We are far from the overheated levels seen on the left side of the chart.” commented.
“With funding pretty flat as well, probably not much longer before we go back to having a significant upward trend.”
The SOPR looks at the price at which the currencies moved during a particular period of time and is Useful to determine the behavior of investors in different parts of the Bitcoin price cycles.
Tesla’s new crash shows cryptocurrencies are being tested
Ether (ETH), Solana (SOL) and Polkadot (DOT) were the top altcoins of the day, meanwhile, standing out from flat progress on other tokens.
With an increase of 2.6%, eThe ETH / USD pair was trading above $ 4,700 as of press time, closing once again at the all-time highs and the $ 5,000 watershed mark.
Want me to sell more stock, Bernie? Just say the word …
— Elon Musk (@elonmusk) November 14, 2021
You want me to sell more stock, Bernie? You only have to say it…
In traditional markets, Tesla (TSLA) fell more than 3% in the US open markets, a move that, like last week, saw a similar behavior to Bitcoin in particular.
In a somewhat heated Twitter exchange, the CEO Elon Musk had threatened to increase his sales of existing shares.
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Bitcoin Price Drops From $ 66,000 Highs, Tesla Down 3% After Elon Musk Warned It Could Sell More Shares