Cryptocurrency

Bitcoin retests support with trader forecasting $55,000 BTC price dip

Bitcoin hit a record-high above $43,000 on Monday after electric carmaker Tesla invested $1.5 billion in the digital currency.

Bitcoin (BTC) denied bulls their big break on Nov. 4 as sideways action dragged the market ever closer to $60,000.

Data showed BTC/USD back below $62,000 at 8 am UTC.

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.

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.

Altcoins meanwhile continued to tag team to hit new all-time highs in a curious departure from Bitcoin’s uninspiring short-term performance.

On Thursday, it was the turn of Ether (ETH) to cool from its new peak, while Solana (SOL) surged higher to outperform the rest of the top ten cryptocurrencies by market cap.

Polkadot (DOT) also returned after consolidation Wednesday, hitting $54.55 to mark a further record of its own.

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