Bitcoin News, Ethereum, Market Analysis

Bitcoin Price Drops To $60.5k But Ethereum Trying To Retain Support Over $4k.

A copycat move from ETH has disappointed investors and put a stop to the “up only” trend of the previous week. On Oct. 23rd, Bitcoin (BTC) remained near $60,000 as the largest altcoin, Ethereum (ETH), failed to set fresh all-time highs.

In line with data from CoinMarketCap and TradingView, the price of ETH/USD on Bitstamp just reached a new high of $4,380 before receiving a strong rejection.

Bitcoin Price Drops To $60.5k But Ethereum Trying To Retain Support Over $4k.

Traders were on the edge of their seats as Ether appeared to follow Bitcoin to new highs, only to be met with quick resistance and fall back into a lower range.

Rekt Capital, a trader, and analyst described the occurrence as “picture perfect rejection.”

With the exception of a flash fall that immediately followed the all-time high rematch, ETH/USD circled $4050 USD at the time of writing, retaining $4000 USD as support. Ether performed better against Bitcoin, with the ETH/BTC pair rebounding near lows last seen in late July.

After failing to maintain much higher levels, Bitcoin took a long breather as hot markets tempered their enthusiasm. On Friday, funding rates were back to normal after reaching a peak reminiscent of April’s blow-off top.

However, unlike open interest, these were not as frantic as the Q2 rush, which resulted in the $64,900 all-time high, which remained in place until this week.

“This indicates there may still be an opportunity for more topside enthusiasm, but we are approaching levels that are stretching the market,” crypto trading firm QCP Capital said in its latest market update.

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