Bitcoin (BTC), which continues its trend of sudden price spikes, reached a peak at $57,400 on Nov. 24, thanks to sudden momentum.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Nalyst: 2021 conforms to bullish patterns
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD made skittish movements within a familiar range on Wednesday.
Over the last 24 hours, the pair hit $57,875 on Bitstamp, but these were not able to hold as buyer support waned closer towards $60,000 resistance.
Despite a generally uninspiring market, some took this opportunity to highlight the ongoing similarities between 2021 & previous bull-market years.
TechDev, a popular Twitter account, focused on Fibonacci levels, and Bitcoin’s behavior around them. This year, however, has been exactly in line with the standard rubric.
The 1.272 was a bounce point for all three full #BTC cycles. The 1.55 resistance was the next challenge for 2013. 2017 was subject to resistance at the 1.55. It was both at the 1.618 and 2021. This is when mania usually sets in. pic.twitter.com/VQ5bTQaY5H
— TechDev (@TechDev_52) November 24, 2021
This analysis is used to predict the current cycle at $300,000.
TechDev previously commented that it was almost time for Bitcoin’s relative strength indicator (RSI), to make a comeback, with price following.
Pentoshi, meanwhile confirmed that $60,700 should not be taken and held to plan for long-term positions.
He told his Twitter followers that “so far sellers have appeared weak at the lows down below here”
Zcash surpasses the top 10 crypto gains
While Bitcoin was a fun game, altcoins were making more important moves on Wednesday.
Related: Sandbox token SAND rises 260% in November ahead play-to earn metaverse launch
At $4,290, Ether (ETH), the strongest performer among the top 10 cryptocurrencies according to market capitalization, traded up 4.7%.
ZEC/USD 1-hour candle charts (Coinbase). Source: TradingView
Zcash (ZEC) was a notable outlier among major tokens. It gained 26% following Twitter comments by Barry Silbert, founder & CEO of the investment giant Digital Currency Group.
Bitcoin $BTC https://t.co/WcwqGRzlu1
— Barry Silbert (@BarrySilbert), November 24, 2021
Silbert, who is known for hinting at future purchases, also tried to increase the Bitcoin price Wednesday before the latest spike.