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Bitcoin cools from 1-week highs with key long-term metric echoing $44K

A "bullish engulfing" enters on multi-day charts as BTC price action manages to preserve some of Monday's gains.

Bitcoin (BTC) returned to cement higher support on Nov. 30 after the latest BTC price comeback halted near $59,000.

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

RSI sees "bullish engulfing"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing to local lows of $55,920 on Bitstamp overnight.

The pair then recovered to circle $56,500 at the time of writing, with analysts keeping the faith on higher timeframe strength.

Popular Twitter personality TechDev noted that Bitcoin's stochastic relative strength index (Stoch RSI) had "reset" to levels that echo BTC/USD at $44,000 — just before the run, which culminated in all-time highs.

"Bullish engulfing printed on stoch RSI cross with RSI reset to 44K levels," he summarized alongside the 3-day chart. 

Bitcoin's late strength Monday coincided with a return to form for macro markets and news that Twitter CEO Jack Dorsey had quit the company to focus entirely on Bitcoin activities.

While $60,000 remained out of reach of bulls, signs of a marked shift in sentiment were everywhere.

"Bitcoin high timeframe structure is bullish. Cycle awareness is key," TechDev added in a separate post.

The Crypto Fear & Greed Index, days ago in "extreme fear" territory, looked set to enter its "neutral" zone with a score of 40/100 Tuesday.

Crypto Fear & Greed Index. Source: Alternative.me

Ethereum avoids breakout against BTC

For Ether (ETH) against Bitcoin, the picture was mixed.

Related: Where will BTC end November 2021? 5 things to watch in Bitcoin this week

As altcoins saw broadly flat performance over the past 24 hours, trader Crypto Ed highlighted a rising wedge pattern on the 4-hour timeframes for ETH/BTC. The weekly chart produced similar characteristics.

Rising wedge structures are often seen as a potential bear flag due to their tendency to break to the downside. 

ETH/USD traded at $4,400 at the time of writing, nonetheless up 7.3% over the past week.

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

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Plan B Says Bitcoin Price Still ‘on Track Towards $100K’ Despite Missing November’s Price Prediction

Plan B Says Bitcoin Price Still ‘on Track Towards 0K’ Despite Missing November’s Price PredictionThis month, the price of bitcoin sank below the $60K zone this month after reaching an all-time high (ATH) at $69K per unit. The pseudonymous bitcoin analyst and the creator of the bitcoin price model called stock-to-flow (S2F), Plan B, called the last three months of bitcoin prices correctly but the analyst’s “worst-case scenario” forecast […]

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Bitcoin holds $57K amid warning weak hands could fuel a fresh BTC price dip

Markets rebound but Bitcoin is still not out of the woods when it comes to sell-offs, analysis warns.

Bitcoin (BTC) showed signs of strength into the Wall Street open on Nov. 29 as macro markets shed some of last week’s fear.

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

Crypto edges out of "extreme fear"

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD holding $57,000 as trading began Monday.

Despite a weak start in Asia, U.S. markets were in the mood for making amends after Friday’s rout, the S&P 500 making up some of its 2.3% losses.

Bitcoin joined the improved mood, overnight performance at one point topping 7% to see local highs of $58,300.

Sentiment reflected the changes, with the Crypto Fear & Greed Index rising from 21/100 to 33/100 — “extreme fear” to “fear" — after hitting its lowest since September.

Crypto Fear & Greed Index. Source: Alternative.me

“The market is bouncing,” Cointelegraph contributor Michaël van de Poppe summarized.

“Hopefully, the past weekend has shown you that you should be relaxed, when it comes to the markets. Lots of fear during the weekend, swiftly fading away already. Never sell after huge red candles, that's pure emotion-based. Calm down.”

BTC price action nonetheless remained pinned in a descending channel on daily timeframes, this bordered by the significant $60,000 zone which previously flipped from support to resistance.

On the possibility of a fresh dip taking advantage of renewed optimism among market participants, analytics resource Material Scientist meanwhile had words of caution.

“A lot of BTC bid liquidity has been taken,” it told Twitter followers alongside an updated orderbook map.

“Won't be surprised if the stop hunters go after late longers and weak hands. Plan accordingly.”
BTC/USD heatmap segment as of Nov. 29. Source: Material Scientist/ Twitter

MicroStrategy "buys the dip" to the tune of $400 million

Among stronger “hodlers,” however, conviction in Bitcoin profitability showed no signs of being shaken.

Related: Where will BTC end November 2021? 5 things to watch in Bitcoin this week

On Monday, it emerged that last week’s “buy the dip” opportunity was taken not only by the likes of El Salvador but also serial corporate investor MicroStrategy.

A filing confirmed that the company had added over 7,000 BTC to its treasury at an average price of just above $59,000, taking its combined holdings to 121,044 BTC ($6.93 billion).

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Where will BTC end November 2021? 5 things to watch in Bitcoin this week

A classic rebound comes as Coronavirus uncertainty continues and data reveals key insights into Bitcoin support and resistance levels.

Bitcoin (BTC) is back at $57,000 as a new week begins after a late surge produced a much better weekly close than many expected.

Making up for last week’s Coronavirus-induced sell-off and associated price dip, Bitcoin passed $58,000 overnight before consolidating higher, still up around 5.7% on the day.

The outlook could hold many a surprise — Coronavirus nerves remain, as macro markets hint before the open, and sellers still have the option of taking advantage of leveraged optimists on the back of the latest gains.

With everything to play and the monthly close due in under 48 hours, Cointelegraph takes a look at the numbers to see what could shape Bitcoin price performance this week.

Bitcoin bounces back in record time

Just three days after losing $6,000 in a single daily candle, BTC price action is already back from the brink.

In a classic end to the weekend, BTC/USD rose to produce a weekly close of $57,300 on Bitstamp — thus avoiding its lowest such weekly end price in two months.

The gains have since stuck, with $57,000 still the focus at the time of writing Monday.

In fresh analysis, popular trader and analyst Rekt Capital noted that the 21-week exponential moving average (EMA) at $52,500 had provided support as a “time-tested bull market indicator.”

“Strong BTC reaction from the 21-week EMA area,” he summarized.

BTC/USD 1-week candle chart (Bitstamp) with 21-week EMA. Source: TradingView

Despite local highs of $58,300, however, Bitcoin has yet to deliver a definitive breakout, as major resistance at $60,000 remains untouched.

All previous attempts to crack that selling zone since losing it as support have ended in a firm rejection.

The uptick nonetheless caught some by surprise, data shows, with liquidations nearing $300 million over the past 24 hours.

Funding rates, which on Sunday were neutral, are meanwhile also climbing, signalling the return of optimism over a reliable BTC price rebound — and the risk that implies.

“All it took was a +7% Daily candle to dissolve all fears and worries of a new BTC Bear Market,” Rekt Capital added.

BTC/USD, he said, is “progressing favorably” when it comes to the monthly close due at the end of Tuesday.

Coronavirus and a March 2020 replay

Macro markets are expecting a turbulent start to the week as the new Coronavirus variant, omicron, continues to bite into sentiment.

“We really need some more answers to figure out the impact on growth,” Priya Misra, global head of rates strategy at TD Securities, told Bloomberg Monday.

“Risk assets are pricing in uncertainty.”

Last week was characterized by major volatility across the board as Bitcoin and altcoins followed stocks, oil and others in a blitz sell-off.

Asian markets look set to continue the trend on Monday’s open, with 1-2% drops slated at the time of writing.

With Bitcoin on the rise, any further jolts to macro structures may yet halt the newfound optimism.

Bulls are hoping that the scenario will play out in a similar fashion to March 2020, when a cross-crypto rout as Coronavirus entered the world stage subsequently sparked a surge which eclipsed previous price highs.

Nonetheless, Bitcoin did not escape unscathed last week, as some familiar faces lined up to pour scorn on what they claim is by no means an escape from risk.

“Being less risky doesn't make Bitcoin safe,” gold bug Peter Schiff argued Friday, forecasting that Bitcoin would ultimately become “as risky as any altcoin.”

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

$50,000 echoes $30,000 floor

Those concerned about a retracement from current levels potentially need not look too far down the BTC price chart.

According to the latest orderbook data from analytics resource Material Scientist, a giant buy wall is now in place and should keep the market above $50,000.

The stakes may be high, as some said this weekend that a failure to hold that level would cause them to rethink their approach to Bitcoin, but given the sheer size of support, this now seems less likely.

“Not sure why you're all so scared,” Material Scientist summarized on Twitter Sunday.

“This is largest bid since the 30k bottom.”
BTC/USD orderbook heatmap. Source: Material Scientist/ Twitter

If $50,000 is thus the new $30,000, it would class the current retracement from all-time highs as  modest in comparison to others — notably the May dip of nearly 50%.

Continuing, Material Scientist meanwhile noted something unusual — the same entity responsible for the support also placed resistance at $70,000.

“Essentially, 1 actor has the entire market in their grip,” it explained.

“They knew 1 month in advance how this whole thing was gonna play out.”

$70,000 thus forms the seminal point of focus for bulls eager to see a continuation of the bull run before Q4 2021 is out.

D-Day coming for three Bitcoin price correlations

The next few weeks will be “very telling” for Bitcoin as it makes or breaks some significant correlations.

That was the conclusion from popular Twitter analyst TechDev at the weekend as Bitcoin continued to replicate gold’s journey from the 1970s.

The curious, even eerie, similarities between BTC/USD in 2020-21 and XAU/USD fifty years ago have endured despite some volatility anomalies in Bitcoin price action.

Should the trend continue, Bitcoin faces a dramatic run-up with a price top of up to $280,000. The deadline: mid-February 2022.

“1970's gold fractal now precisely aligned and anchored to both local high and low,” commented in an update on events.

“Only Dec/Jan affected with model extending to 1st half Feb.”
BTC/USD vs. 1970s gold chart. Source: TechDev/ Twitter

An accompanying breakdown of each projected phase of Bitcoin’s metamorphosis since September presents this month as falling outside the predicted trajectory. December should see between $70,000 and $110,000 for BTC/USD.

Beyond gold and it’s Fibonacci sequences which dictate two other correlations which face their moment of truth in the coming weeks.

These both involve Bitcoin’s relation to its 2017 performance, and so far, both remain valid. Should one win over the other, the pace and height of the price gains will change accordingly.

A peak of around $150,000 could hit as soon as mid December, or alternatively, $225,000 may appear in mid February.

“Mid-Dec to End-Jan with a ~230K top remains my base case,” TechDev wrote.

“Obviously the earlier side of that window looks less likely. I couldn't care less if it's right. I've seen compelling work suggesting a top from mid-Dec to mid-March, with targets from 120K-260K.”

Responding to praise from Global Macro Investor founder Raoul Pal, he added that the coming weeks would be “very telling” for all three correlations.

Where will Bitcoin end “Moonvember”?

This was once the multimillion dollar question on everyone’s lips — but now, acceptance is slowly spreading that this bull market may take longer than planned to mature.

Related: Top 5 cryptocurrencies to watch this week: BTC, BNB, LUNA, MANA, SAND

Despite this, optimism for the short term remains.

In a survey conducted on Twitter by the @Bitcoin account which ended Monday, the majority of almost 50,000 respondents predicted that BTC/USD would finish November above $60,000.

35% opted for the highest possible price on the survey, with another 25.7% forecasting a November closing price between $55,000 and $60,000.

@Bitcoin Twitter survey results. Source: Bitcoin/ Twitter

Without zooming out, it’s easy to forget just how far Bitcoin has come in the past twelve months. As Cointelegraph noted, last Thanksgiving — which conveniently also saw a brief sell-off — BTC/USD traded at just under $16,500.

As quant analyst Benjamin Cowen summarized this weekend, “do not miss the forest for the trees.”

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Bitcoin sentiment in ‘wild’ divergence from reality as $53K BTC triggers ‘extreme fear’

Bitcoin price action is just 20% from all-time highs, but the market has reentered "extreme fear" for the first time since $43,000.

Bitcoin (BTC) has stabilized at around $55,000 after dropping by $6,000 in a single day — but crypto market sentiment is still in shock.

According to the Crypto Fear & Greed Index, as of Nov. 27, emotions are now at the most fearful since late September.

Crypto sentiment dives into "extreme fear"

Fear & Greed, which takes a basket of factors to compute a standardized sentiment score for crypto markets from 1-100, currently sits at 21.

Friday took its toll on the metric, the score more than halving in 24 hours from its previous position of 47.

Those two readings correspond to sentiment going from "neutral" to "extreme fear" — missing out the "fear" zone altogether.

Crypto Fear & Greed Index. Source: Alternative.me

While an expected reaction, the upheaval apparent the emotional state of market participants is becoming a source of amusement for some familiar names.

Investor and entrepreneur Alistair Milne noted that "extreme fear" is hardly an appropriate reaction to BTC/USD trading at $54,000. Indeed, the last time that the Bitcoin spot price was at those levels in mid-October, Fear & Greed measured 78 — "extreme greed" territory.

"This much fear and we are at $54k. Wild," he summarized

On Sept. 30, when the Index last hit 21/100, BTC/USD traded at around $43,800 on Bitstamp.

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

Funding rates see overnight reset

As Cointelegraph reported, the latest and deepest phase of the BTC price correction came as trader habits on exchanges stayed curiously optimistic.

Funding rates, being positive despite Friday's move, showed that market expectations were for a swift recovery.

Related: Bitcoin reverses ‘bear market’ at $53.5K as Pfizer gains on fresh panic over coronavirus ‘Nu’ variant

At the time of writing on Saturday, however, it seems that the trip to lows of $53,500 was enough to reset the mood — funding rates are now back to normal and show no bullish bias.

Bitcoin funding rates chart. Source: Coinglass

As noted by analytics firm Delphi Digital this week, however, funding remains lower relative to the first half of 2021 — and this may signal a lack of overall direction.

"Funding rates continue to be low on the futures markets. This could be a sign that the shorter-term leveraged traders are still undecided directionally," researchers told Twitter followers.

"Looking back at the start of the year, the bullish run-up has been accompanied by a significantly higher funding rate."

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Bitcoin reverses ‘bear market’ at $53.5K as Pfizer gains on fresh panic over coronavirus ‘Nu’ variant

Bitcoin price action steadies after losing almost $6,000 on Nov. 26 as winners and losers from the coronavirus-‘Nu’-variant scare emerge.

Bitcoin (BTC) stemmed some of its losses as Wall Street opened on Nov. 26 after concern over a new COVID-19 variant spark a global market sell-off.

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

Pfizer gains as coronavirus panic sets in

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ending its downturn at just above $53,500 on Bitstamp.

The pair then added almost $1,500 as some sense of equilibrium returned to crypto markets, trading at around $54,400 at the time of writing.

Both crypto and traditional assets were rattled on the day thanks to the proliferation of a new COVID-19 variant, designated “Nu,” which some parties claim could pose a problem for vaccine programs.

Pfizer, one of the major producers of COVID-19 vaccines, conspicuously bucked the nervous market downtrend, up 7% at the Wall Street open. By contrast, the S&P 500 was down 1.5%.

Pfizer 1-hour candle chart (NYSE). Source: TradingView

In what will be familiar to those who witnessed the events of March 2020, Bitcoin thus abandoned its asymmetrical investment traits to fall in line with both equities and the U.S. dollar.

The drop below $54,000 was accompanied by a familiar cocktail of misgivings from sources, including mainstream media outlets, with CNBC joining Bloomberg in claiming that Bitcoin had “entered bear market territory.”

“Let's see how the Daily candle closes,” trader and analyst Rekt Capital said in cautious words about the impact of the day‐s moves on Bitcoin’s longer-term outlook.

BTC transaction volume hits all-time high

Among crypto analysts and other longtime participants, however, there were still few signs of genuine bearishness.

Related: Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020

“Massive corrections = massive buy opportunities,” Cointelegraph contributor Michaël van de Poppe summarized.

While the lows of Nov. 26 have not been seen since mid-October, overall, Bitcoin's performance in Q4 remains not only profitable but fully in line with previous bull market years.

Amid the panic over spot price, meanwhile, data showed that Nov. 25 marked the day with the largest single on-chain transaction volume in Bitcoin’s history.

“Bitcoin set another all-time high for transaction volume yesterday with $36.5 billion of value settled on-chain,” researcher Kevin Rooke commented.

Bitcoin transaction volume chart. Source: Kevin Rooke/Twitter

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Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020

A strange sense of déjà vu pervades crypto markets as Black Friday delivers a rare buying opportunity right on cue.

Bitcoin (BTC) may be down 20% from all-time highs, but this is a golden opportunity to “buy the dip,” analysts argue.

Black Friday is living up to its name in crypto this year as both Bitcoin and many altcoins are trading at their lowest in six weeks.

Misgivings over $53,000 floor

After an overnight sell-off sparked by a declining United States dollar and macro markets rattled by a new coronavirus variant, BTC/USD is trading near $54,000.

As mainstream media highlight the fall, others are far from concerned, however — current prices arguably offer a golden entry opportunity.

Others poked fun at a knee-jerk article from Bloomberg in which the publication initially declared that Bitcoin had “entered a bear market.” 

On short-term targets, popular trader and podcast host Scott Melker warned over going with the herd, expecting even lower levels to buy.

“We all seemingly want to see 53K, which usually means we get front run at 53.5K or price nukes straight through and we HFSP,” he tweeted.

“The crowd rarely gets what it wants.”

In a sign that selling is likely not yet over, funding rates across exchanges remain elevated despite 24-hour liquidations nearing $700 million.

Bitcoin funding rates chart. Source: Coinglass

Remember last Black Friday?

Melker, meanwhile, additionally pointed to the unusual correlation between the U.S. dollar and Bitcoin thanks notionally to the virus jolt.

Related: Bitcoin hits 6-week lows in hours as 24-hour crypto liquidations near $650M

As Cointelegraph often notes, Bitcoin tends to exhibit inverse correlation with USD, the latter having snapped a long winning streak Friday.

Far from fuelling Bitcoin’s strength, however, the largest cryptocurrency has fallen in step with both macro markets and the U.S. dollar currency index (DXY).

Standing in the way of further losses on Bitcoin is a heavy block of buyer support at $53,000 — roughly the area that corresponds to Bitcoin’s $1-trillion market capitalization.

Meanwhile, historical data serves as a timely reminder that Black Friday bargains are something of a common theme for Bitcoin.

In late November 2020, BTC/USD dipped to around $16,400 — only to then go on to tackle and beat out $20,000 for the first time in three years.

BTC/USD 1-day candle from November 2020. Source: TradingView

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Bitcoin hits 6-week lows in hours as 24-hour crypto liquidations near $650M

Bitcoin price action sees its lowest levels since the second week of October after a hefty $5,000 red daily candle.

Bitcoin (BTC) shed almost $5,000 in a single day on Nov. 26 as bulls faced fresh disappointment.

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

Bitcoin targets $54,000

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it headed toward $54,000 at the time of writing amid intense volatility.

Holders saw major selling pressure after coming within inches of $60,000 late Thursday, the latest attempt to beat resistance nonetheless ending in retreat.

Hours later, Bitcoin was back at its lowest since mid-October, and firmly vindicating those who assumed that the current break from bullish upside was not yet over.

“Not quite there but hopefully soon,” analyst Willy Woo said about one indicator hinting at an incoming — but not immediate — return to form.

Crypto liquidations chart. Source: Coinglass

Anyone too enthusiastically betting on corrective moves being over was feeling the pain Friday, however, as 24-hour cross-crypto liquidations passed $630 million.

Yet not everyone was surprised or even fazed by the events. Cointelegraph contributor Michaël van de Poppe called current price action “beautiful.”

“Many pumps on markets are getting retraced fully,” he added in Twitter comments ahead of a fresh market update.

U.S. dollar reverses rally

Altcoins did not respond well to Bitcoin’s fall, with many major tokens outperforming BTC against the United States dollar in terms of losses.

Related: Bitcoin bulls have a lot to be thankful for despite BTC ‘probably’ not hitting $98K in 5 days

Ether (ETH) shed 5.8% compared to Bitcoin’s 4.8%, with others seeing closer to 10% erased from spot price on the day.

Van de Poppe advised traders not to “chase the pump” on altcoins, as markets showed that repeating volatility remains a key characteristic in the short term.

In the background, the U.S. dollar finally began to flag, ending a winning streak that had seen the U.S. dollar currency index (DXY) hit its highest since June 2020.

While traditionally inversely correlated, Bitcoin looked like more of a copycat as DXY targeted 96 for support.

U.S. dollar currency index (DXY) 1-hour candle chart. Source: TradingView

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Bitcoin ‘solidifies’ support at $58K as BTC price volatility hits 7-month low

Encouraging signs point investors away from expecting the worst after BTC/USD reaches multi-day highs without significant retracement.

Bitcoin (BTC) hit multi-day highs of $58,300 overnight into Nov. 25 with investors betting on the reduced likelihood of a further major price dip.

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

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging above $57,000 Thursday, printing a higher low on the daily chart.

This, trader and analyst Rekt Capital believes, shows support “solidifying” at current levels, with hope, therefore, remaining of a more convincing trend reversal.

“Bitcoin has certainly solidified its support here, producing a long downside wick into the bottom of the black wedging structure and rebounding strongly,” he told Twitter followers.

“Also, today’s candlestick is forming a Higher Low relative to yesterday’s Daily candle.”
BTC/USD 1-day annotated candle chart (Coinbase). Source: Rekt Capital/Twitter

The mood was shared by crypto trading firm QCP Capital, which, on Wednesday, summarized the likely short-term outcomes.

“So far, the selling pressure has effectively capped every rally. The question is whether it will lead to a downside break,” it wrote in a market update to Telegram channel subscribers.

“We are betting that the market will consolidate instead of breaking lower.”

As Cointelegraph reported, mixed signals played out from exchanges over selling pressure this week, with large inflows and outflows marking a highly active market.

Nonetheless, volatility remains at its lowest in over half a year, reinforcing relatively stable price conditions.

Bitcoin volatility chart. Source: Buy Bitcoin Worldwide

Limp altcoins led by Solana support retest

Out of the top 10 cryptocurrencies by market capitalization, Binance Coin (BNB) thus became the sole standout, up 8% week over week.

Related: Bitcoin price metric demands ‘strong reaction’ as $56K BTC starts to look ‘seriously cheap’

Other tokens were flat or saw minor losses, led by Solana (SOL), which dove nearly 7% on the day to near $200.

SOL/USD 1-hour candle chart (FTX). Source: TradingView

For fellow trader and analyst Pentoshi, macro factors could yet cause a more definitive stalling of the crypto bull run.

“The most hilarious ending to a crypto bull market would be double digit inflation and people not understanding why that can be bearish for risk on assets,“ he commented in a Twitter thread originally begun on Nov. 16.

“The very thing people cheering on at the expense of others Can be the very thing that ends this cycle.”

On Thursday, he reiterated the potential for a deflationary spell to emerge in 2022.

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

Fits and starts below crucial resistance at $60,000 continue with Bitcoin's RSI due to rebound.

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.

That analysis feeds into a prediction of the current cycle topping out at up to $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 ten 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 ten cryptocurrencies by market cap.

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.

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

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