Bitcoin is recovering

[Johnyz]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

I think that it was clear now that it was a bull trap.

The $60k resistance was definitely quite strong and by the looks of it, we won't be breaching that level in the near term future.

Right now we have to look to the SA COVID situation - the risk-asset sell off is occurring everywhere.

There’s a lot of panic again in the market and yes that was a trap since the whole market is down again and most probably this will become the next trend until the year end or even early next year. Well, because of so many issues and current news about banning cryptocurrency that affects the whole market, BTC is still down and no sign of recovering yet.

[Oasisman]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

I think that it was clear now that it was a bull trap.

The $60k resistance was definitely quite strong and by the looks of it, we won't be breaching that level in the near term future.

Right now we have to look to the SA COVID situation - the risk-asset sell off is occurring everywhere.

I wouldn't wanna call that a bull trap as Bitcoin wasn't even overbought nor had a breakout that broke the resistance level as you said $60k was a strong one. That was just a small recovery which can be identified as a dead cat bounce after it went falling down to $54,000.

I don't know why people got panicked with the new Covid strain and sold their crypto asset which I don't think it has a relevant connection with the new strain, or am I missing something?

[STT]

Price still acting weak seems like, latest touch of 12hr average sees it bounce off to check the last low.   4hr bar more reliable measure but nothing to show strength yet.  53.5k is likely less important then the Sept peak which should have some volume after a sharp sell, if that can now be support it might be significant thats close.  Similarly on weekly bars is the 52k support my likely best guess for a low that can hold and signify support from this whole years price action.

[uneng]

I don't know why people got panicked with the new Covid strain and sold their crypto asset which I don't think it has a relevant connection with the new strain, or am I missing something?

It didn't happen happen only to crypto market, but also in traditional markets which have been also falling. I think crypto universe just suffered the consequences of this panic wave that came from mainstream financial world, what should keep happening only for a short time, because it really doesn't make sense bitcoin crashes in a situation like this, as bitcoin should be the most logical asset to protect investors funds in a hypothesis of a new coronavirus crisis, through omicron variant. At least that was what I observed during the peak of the pandemic still in 2020.

[michellee]

I wonder if the price will get down for more or increase in the next week because the price becomes wild and not many of us predict that the price will go down deeper like a few hours ago. I see the price now is at $54k, which means the price is down for more than $3,000 from the last $57k but I still believe it will go up sooner or later. I do not expect the price to go down for this but the price now seems to want to increase for a while, but we should be careful because the price can get another correction.

[adaseb]

Well that was quick. Looking at the $53K area if you look at the daily, this is an important support area. I honestly didn’t think it would come close to getting tested but I guess due to the close correlation with stock indices it caused tons of panic and we are pretty close to testing that area.

I don’t like the funding at the moment, seems very long leverage. Usually when this happens it doesn’t end Well. So hopefully $53K doesn’t break, if it does, remember to use stops.

[romero121]

Well that was quick. Looking at the $53K area if you look at the daily, this is an important support area. I honestly didn’t think it would come close to getting tested but I guess due to the close correlation with stock indices it caused tons of panic and we are pretty close to testing that area.

I don’t like the funding at the moment, seems very long leverage. Usually when this happens it doesn’t end Well. So hopefully $53K doesn’t break, if it does, remember to use stops.

From the $53k region the price have once again moved forward. The market correction isn't over, and it could test the $50k mark by the upcoming fall. Right now the market correction is associated with the black friday as well as the new mutant of virus found on South Africa. Maybe if things didn't happen positive the market could move sideways.

[OrangeII]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

I also think that bitcoin is very strong at the moment, and I'm also still hoping for a new ATH by the end of this year. however, at the end of this month, the bitcoin price pushed towards the $54k price. it is very difficult to predict. if dumps continue at the end of this year, there is a possibility that the price of bitcoin in december will be in the range of $40k again. however, I believe those big investors are preparing something surprising for bitcoin at the end of the year. well, I'm still positive that the price will reach a new ATH later this year.

[Kemarit]

Well that was quick. Looking at the $53K area if you look at the daily, this is an important support area. I honestly didn’t think it would come close to getting tested but I guess due to the close correlation with stock indices it caused tons of panic and we are pretty close to testing that area.

I don’t like the funding at the moment, seems very long leverage. Usually when this happens it doesn’t end Well. So hopefully $53K doesn’t break, if it does, remember to use stops.

From the $53k region the price have once again moved forward. The market correction isn't over, and it could test the $50k mark by the upcoming fall. Right now the market correction is associated with the black friday as well as the new mutant of virus found on South Africa. Maybe if things didn't happen positive the market could move sideways.

I think $50k will be a good test for us, I mean that price is really low that investors might think to pour their money again and somewhat the price could bounce back.

Yeah, I'm reading about the new variant of the virus, but hopefully the news will not trigger another sell-off. We've seen the effects of Covid-19 already and it seems that we are able to cope with it for a long time. So if ever there will be an effect, it could be on the short term only.

[Dave1]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

I think that it was clear now that it was a bull trap.

Yeah, it could be a bull trap but still there could have been some reasoning behind it, like almost touching $60k and then going down again.

The $60k resistance was definitely quite strong and by the looks of it, we won't be breaching that level in the near term future.

Not sure about that, we all know how the market moves, in just a blink of an eye, the market can suddenly rise in price and may attempt $60k again.

Right now we have to look to the SA COVID situation - the risk-asset sell off is occurring everywhere.

But we have been living in the COVID influence already. So how come it will still be an effect on the price? Even if the news come out about the Delta variant, the price did reacted that much.

[gabbie2010]

Well that was quick. Looking at the $53K area if you look at the daily, this is an important support area. I honestly didn’t think it would come close to getting tested but I guess due to the close correlation with stock indices it caused tons of panic and we are pretty close to testing that area.

I don’t like the funding at the moment, seems very long leverage. Usually when this happens it doesn’t end Well. So hopefully $53K doesn’t break, if it does, remember to use stops.

From the $53k region the price have once again moved forward. The market correction isn't over, and it could test the $50k mark by the upcoming fall. Right now the market correction is associated with the black friday as well as the new mutant of virus found on South Africa. Maybe if things didn't happen positive the market could move sideways.

$53K was tested twice with reference to 1hour time,the zone was equally a support in October 10 based on daily timeframe there is a possibility the price could retouch it again or rather continue with it recovery after yesterday dump as a result of two major fundamentals impact on the price of bitcoin, I believed the support at $53K had already held the price previously, while today daily candlestick might close a bullish harami, a bullish trend signal, thus price correction down to $50K might not be feasible now.

[GeorgeJohn]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

Actually bitcoin has been making good development since it's time irrespective the fluctuating price circulation revolving in it's market sphere, in every month and year they will be always change in cryptocurrencies market revolution and it can't be used to compare to alternative coin's as well, the only thing i found difficult in bitcoin and know that it's the nature of bitcoin, is that it doesn't be constant in price and that makes it decentralized currency.

[Lucius]

But we have been living in the COVID influence already. So how come it will still be an effect on the price? Even if the news come out about the Delta variant, the price did reacted that much.

Some scientists have caused panic with their reports that this is possibly the most dangerous mutation that has occurred so far, although the media has further spiced up the whole thing and created panic in all markets, and Bitcoin is only part of the global market. Given everything that has been happening in recent months, we should be happy that the price manages to stay above $50 000, despite constant attempts to declare a bear market.

[bots1]

In my opinion, it looks like Bitcoin is still in a sharp correction phase where the downward trend in price continues. Moreover, if seen at a glance from the movement of the price chart in the last few days the price of bitcoin has not shown a significant increase or breakout point to get to the new ATH.

[Taskford]

In my opinion, it looks like Bitcoin is still in a sharp correction phase where the downward trend in price continues. Moreover, if seen at a glance from the movement of the price chart in the last few days the price of bitcoin has not shown a significant increase or breakout point to get to the new ATH.

That looks like the real scenario here but its also good to see a little recovery so maybe we can see this still fighting. But maybe we can see the real scenario at the end of this month of the December month in since if we see the price dumping then maybe we can see an unhealthy early quarter next year.  Hopefully we can see the bull starting to build up this December so that we can get a high chance to break at the new ATH for next year.

[eaLiTy]

In my opinion, it looks like Bitcoin is still in a sharp correction phase where the downward trend in price continues. Moreover, if seen at a glance from the movement of the price chart in the last few days the price of bitcoin has not shown a significant increase or breakout point to get to the new ATH.

How did you identify that it is still in a sharp correction phase, the market today looks like it is stabilizing and there is not much selling pressure as far as i see in the market, but anything is possible as i am not capable of prediction what might happen in the next few days and so does anyone, but the current market does not looks there is not much selling pressure for the market to go down further as the buy walls are filling up quickly for now.

[Baofeng]

In my opinion, it looks like Bitcoin is still in a sharp correction phase where the downward trend in price continues. Moreover, if seen at a glance from the movement of the price chart in the last few days the price of bitcoin has not shown a significant increase or breakout point to get to the new ATH.

How did you identify that it is still in a sharp correction phase, the market today looks like it is stabilizing and there is not much selling pressure as far as i see in the market, but anything is possible as i am not capable of prediction what might happen in the next few days and so does anyone, but the current market does not looks there is not much selling pressure for the market to go down further as the buy walls are filling up quickly for now.

We are probably going to trade sideways for now because of the covid-19 new strain news (although I firmly believed it doesn't have that significant effect to crypto sphere as compare to lets says Nasdaq or S&P).

So I'm expecting a little movement on the price till this weekends but hopefully when Monday comes we might see some semblance of a rally again to $60k. I think the selling pressure is done was well as the price is closing to it's old support of $55k.

[rhomelmabini]

In my opinion, it looks like Bitcoin is still in a sharp correction phase where the downward trend in price continues. Moreover, if seen at a glance from the movement of the price chart in the last few days the price of bitcoin has not shown a significant increase or breakout point to get to the new ATH.

I'm still confident that we will gonna hold either the 50k or possible the 40k but I highly doubt we will get there yet. It may take weeks in my opinion if we ever cross that 60k+ again and may stagnant in this 50k range. I'm not expecting it will get new ATH that fast but likely I'm still rooting that overall sentiment that ATH isn't just at 69k, we should get higher than that.

[livingfree]

Maybe you spoke too soon as the price goes down again to it's support of $54k-$55k, so this might be a falls breakout that we are seeing, so probably a bull trap.

It's okay if he spoke to soon about recovering.

That's where we're heading also so that's totally okay even if there's a massive drop that we're seeing lately. After this, maybe next week, we're going to see it recover once again.

It's just a repetitive cycle most of the time.

This is really not new to us as the crypto market is very volatile just like how volatile bitcoin is. One day it is dumping, and the next day you'll see bitcoin is already reaching its new ATH. So we should get used to it as bitcoin will still recover in the long run. And the current price correction will even cause a strong support level so we can achieve higher ATH after this. We just have to stick what we believed in. And with bitcoin, it will never settle in a low price but always go for a higher price.

Yes.

A roller coast could be seen today and tomorrow it won't be anymore. Just like the other day, it has been dumped, and now it's recovering.

Hopefully, the latter that you have said about bitcoin is going to be like that. That it would always be ending up with a higher price.

[STT]

I'm seeing higher lows here so there is the beginnings of a recovery there but I remain a constant skeptic of weekend action until it passes the Monday open and full volume.   After the holiday closes the Monday action could be like opening the door to find an arctic blast, a very different environment then currently registering on graphs.   Or I could be wrong and markets are not that paniced or disturbed especially by recent world events.   I think we must revise prices I've said it plenty and roughly my target has been 50k which we have mostly achieved.   I need volume in the recovery I think, its not there yet.