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

Market Analysis

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

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

BTC hodlers in “buy the dip” mode

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back below $62,000 at 8am 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.

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.

Related: Friday’s $540M Ethereum options expiry favors traders with targets at $5K

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.

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

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

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