# Bitcoin hitting $59K would be ‘extremely healthy,’ says trader as BTC price retreats
Table of Contents
“# Bitcoin hitting $59K would be ‘extremely healthy,’ says trader as BTC price retreats ”
BTC: Consolidation becomes down move
Data from Cointelegraph Markets Pro and TradingView captured fluid market conditions on Friday, with BTC/USD acting in a $2,000 range.
The pair had spent the previous day tracing sideways — behavior that was now showing signs of breaking down.
For popular analysts, however, such BTC price action was not only expected but welcomed.
Sideways 🙂
— Willy Woo (@woonomic) November 12, 2021
“A drop to 59-61k followed by some consolidation would be the best way to continue the bull-run in my opinion,” Twitter trader Galaxy added.
“Might not happen but it would be extremely healthy for both $BTC and alts. Be prepared either way.”
Funding rates remained slightly elevated on exchanges — with the exception of Binance and Bybit — further hinting that a potential price dip could follow.
At the time of writing, BTC/USD fluctuated below the $64,000 mark, down $1,000 in a single hourly candle.
Larger losses loom for altcoins
It was a similar story among altcoin markets, with Ether (ETH) matching Bitcoin’s roughly 2% daily losses.
Related: Analysts say Bitcoin price ‘dips are transitory,’ suggesting BTC will soon head to $75K
Several of the top 10 cryptocurrencies by market capitalization saw deeper losses of 6% or more, these including high flyers Solana (SOL) and Polkadot (DOT).
The overall cryptocurrency market cap thus fell below the $3-trillion level after hitting it for the first time earlier in the week.
If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.
For forums sites go to Forum.BuradaBiliyorum.Com
If you want to read more News articles, you can visit our General category.
