© Reuters. An analyst ‘highly doubts’ that the price of Bitcoin will return to $ 50,000
On October 14, Bitcoin (BTC) tested newly formed support levels after an overnight rally pushed the price above $ 58,000.
Hourly graph of (Bitstamp). Source: TradingViewBitcoin “drops” to nearly $ 57,000. Data from Cointelegraph Markets Pro and TradingView shows that BTC / USD slid to $ 57,000 after hitting a new local high of $ 58,540 on Bitstamp.
The move looks similar to the first time Bitcoin hit $ 58,000 in February, several attempts separated by consolidations, followed eventually by a rally to all-time highs in April. While on-chain indicators show that Bitcoin is very different in Q4, the sentiment is mostly bullish again.
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