Buy/Sell Crypto

Bitcoin sees fresh split-second spikes as analysts say ‘almost time’ for BTC uptick

Bitcoin (BTC) continued its pattern of sudden price spikes on Nov. 24 as sudden momentum produced a brief trip above $57,400.

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

Analyst: 2021 still conforms to bullish pattern

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making skittish moves within a familiar range during Wednesday.

The pair reached highs of $57,875 on Bitstamp over the past 24 hours, these failing to hold for long as buyer support still waned closer to $60,000 resistance.

Amid an overall uninspiring market environment, some took the opportunity to highlight ongoing similarities between 2021 and previous bull-market years.

Popular Twitter account TechDev focused on Fibonacci levels and Bitcoin’s behavior around them — this year, so far, has conformed exactly to the standard rubric.

All 3 full #BTC cycles saw a “mid-cycle” bounce off the 1.272.

After that…

2013 faced resistance at the 1.55.

2017 faced resistance at the 1.618.

2021 faced it at both.

After this is historically when mania sets in. pic.twitter.com/VQ5bTQaY5H

— TechDev (@TechDev_52) November 24, 2021

That analysis feeds into a prediction of the current cycle topping out at around $300,000.

In previous comments, TechDev agreed that it was “almost time” for Bitcoin’s relative strength index (RSI) to see a comeback of its own, with price following.

Fellow trader Pentoshi, meanwhile, confirmed a belief that $60,700 should be reclaimed and held in order to plan long positions.

“So far sellers have seemed weak at the lows down here,” he told Twitter followers.

Zcash outpaces top 10 crypto gains

As Bitcoin played a cool game, it was altcoins seeing more decisive moves during Wednesday.

Related: Sandbox token SAND rallies 260% in November ahead of play-to-earn metaverse launch

Ether (ETH) traded up 4.7% at the time of writing at $4,290, the strongest performer in the top 10 cryptocurrencies by market capitalization.

ZEC/USD 1-hour candle chart (Coinbase). Source: TradingView

A noticeable outlier among major tokens was Zcash (ZEC), which gained 26% after Twitter comments from Barry Silbert, founder and CEO of investment giant Digital Currency Group.

Bitcoin $BTC https://t.co/WcwqGRzlu1

— Barry Silbert (@BarrySilbert) November 24, 2021

Known for hinting at his potential next purchases, Silbert also attempted to hike the price of Bitcoin Wednesday before the latest spike.





Source

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest
Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

THE ONE AND ONLY WAY TO MAKE MONEY IN AUTOMATIC EASILY!

Receive the whole procedure to be able to follow our signals in less than 2 minutes.

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

To access the VIP channel for free and enjoy the benefits of this exclusive channel, just follow these 3 steps:

1. Open a real account with one of our partner brokers necessarily through these links.

⚠️ Select Standard account

2. Make a deposit of at least €500 (€1000/2000 recommended) or more depending on your capital.

Double bonus as a gift! 🎁

        • 1st deposit: 50% bonus offered!
        • 2nd deposit: 20% bonus offered!

*The bonus will of course be added automatically after your deposit. ✅

3. Once done, you can send us the Screenshot of your deposit to support@signaltrading.cryptalite.com to receive the link of the VIP channel 🚀

(If you already have an account with these different brokers, you need to use another ID with another name + email).

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.