Will the end of the week cause a correction?

Bitcoin’s price (BTC) challenged new levels of support October 14th after the night’s successes, the market rose to $ 58,000.TO

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

Bitcoin “dips” near $ 57,000

Cointelegraph Markets Pro and TradingView data tracked the BTC / USD pair as it fell back to $ 57,000 after hitting highs of $ 58,540 on Bitstamp.

The moves first mimicked when Bitcoin hit $ 58,000 in February: There were several attempts at consolidation, and finally in April a race for the all-time highs followed.

Will the end of the week cause a correction?
Will the end of the week cause a correction?

Nevertheless, Even if the on-chain indicators show Bitcoin as a different beast in the fourth quarter, the mood was just as optimistic this time around.

“Most likely, Bitcoin will continue its course towards its all-time highs,” wrote Michael van de Poppe, a Cointelegraph contributor, in their latest Twitter update.

“Big jump from $ 54,000. I very much doubt we’ll see another test at the $ 50,000 level.”

Consolidating $ 50,000 in support – albeit for the second time in 2021 – would send a clear signal of how the market is evolving Experts are preparing for a hopefully explosive end of the year.

However, there were potential reasons for concern for trader and analyst Rekt Capital this week. Usually, the BTC / USD pair failed to close a weekly candle above $ 60,000 and a repetition could mean a correction.

This leaves the bullish momentum until Sunday to break a historical watermark., something that can be helped even before the approval decision for a futures-based exchange traded fund (ETF) is made on Monday.

Polkadot Rise Heads Altcoin Return

For his part, Altcoins saw a brief hiatus from the weakness that comes with a “bitcoin season”.

The exception was Polkadot (DOT), which is up 28% in a week after it was revealed that its auctions will finally start next month., an important original feature that takes five years to complete.

DOT / USD (Kraken) 1-hour candlestick chart. Source: TradingView

The largest altcoin, Ether (ETH), posted a daily gain of 5.3%, and the top ten cryptocurrencies by market capitalization were higher on the day.while Bitcoin slowed down.

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