Bitcoin toys with $60K as crucial price support level sees multiple retests

Bitcoin (BTC) bounced at the pivotal $58,400 during Nov. 17 as the day continued choppy price action. 

Analyst: This isn’t the “real” bear market

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly reversing after its fourth wick below $59,000 in 24 hours.

The $58,400 level had been pronounced as a key line in the sand for bulls Tuesday, this necessary to hold in order to avoid deeper losses.

True to form, Bitcoin quickly returned above $60,000 after the retest to see local highs of $60,890 on Bitstamp.

“The real BTC Bear Market is still months away,” a hopeful Rekt Capital summarized.

Fellow trader Pentoshi forecast a return to a zone between $62,000 and $63,000 “over the next 1-3 days,” likewise urging calm over current moves.

One thing to not lose sight of. Corrections like this happened in 2017 constantly. And one in every month from January to May on alts. Where else can you get these wild swings? Have to have a healthy mindset and view it as opportunity https://t.co/bIrvq3TC6S

— Pentoshi Won’t Dm You. hates Dm’s. DM’s are scams (@Pentosh1) November 17, 2021

With similarities to previous bull markets still very much in focus, Twitter account TechDev estimated that Bitcoin in 2021 is acting practically identically to 2017 with a small delay.

“PA continues to stay 5-8 days behind 2017 since July,” he said in part of fresh commentary.

Should Bitcoin’s relative strength index (RSI), a key factor in bull cycles, recover above a trendline it lost during this week’s downturn, a price target of $80,000-$90,000 remains possible by the end of November, he added. 

Tesla gains as altcoins stay flat

The ranging style of price action meanwhile also played out across major altcoins.

Related: Traders watch for a trend reversal after Ethereum price drops to $4,100

Out of the top ten cryptocurrencies by market cap, none saw significant moves up or down overall over the 24 hours to the time of writing. 

Ether (ETH) was flat at around $4,230, while others cooled after 10-15% weekly losses.

Prior to the U.S. open, Tesla (TSLA) looked set to continue a recovery from Monday’s lows, which accompanied Bitcoin and altcoins’ own comedown.