Bitcoin Extends Correction As Ethereum Sees ‘Perfect Reject’ At All-Time Highs

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Bitcoin (BTC) stayed closer to $ 60,000 on October 22 after the largest altcoin, Ether (ETH), failed to cement new all-time highs.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewETH absolute record? Blink your eyes and you’ll miss it

Data from Cointelegraph Markets Pro and TradingView ETH / USD just matches its high of $ 4,380 on Bitstamp before seeing a severe rejection.

Traders eyed Ether with anticipation appearing to track Bitcoin to new all-time highs, only to face immediate resistance and sharply fall back into a lower range.

We couldn’t even celebrate $ ETH ATH for more than 30 seconds

Lmfao’s ruthless market makers

– Johnny (@CryptoGodJohn) October 21, 2021

Trader and analyst Rekt Capital called the event a “perfect rejection.”

At the time of writing, ETH / USD was hovering around $ 4,150, preserving $ 4,000 as support except for a flash drop that immediately followed the record-breaking rematch.

ETH / USD (Bitstamp) 1 day candle chart. Source: TradingView

Against Bitcoin, Ether fared better as the ETH / BTC pair rebounded near lows last seen in late July.

Bitcoin could see “extra euphoria on top”

Also failing to maintain significantly higher levels, Bitcoin itself took an extended hiatus as overheated markets cooled their enthusiasm.

Related: Too Popular: Bitcoin Futures ETF May Reach Upper Contract Limit

Funding rates were back to normal on Friday, after reaching a state reminiscent of the blowing April high.

Bitcoin Funding Rate Table. Source: Bybt

As with open interest, however, these weren’t as frantic as the second quarter rush, which produced the all-time high of $ 64,900 up until this week.

“This means that there may still be room for some additional euphoria, but we are at levels that are starting to stretch the market,” crypto trading firm QCP Capital commented in its latest update to the market. Marlet.

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