Bitcoin Hitting $ 59,000 Would Be ‘Extremely Healthy’, Says Trader As BTC Price Pulls Back

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Bitcoin (BTC) fell below $ 64,000 on November 12 as its fall from new all-time highs continued to disturb.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBTC: Consolidation becomes a downward movement

Data from Cointelegraph Markets Pro and TradingView captured fluid market conditions on Friday, with BTC / USD trading in a $ 2,000 range.

The pair had spent the previous day tracing sideways – behavior that was now showing signs of breaking up.

For popular analysts, however, such BTC price action was not only expected but welcomed.

Next to 🙂

– Willy Woo (@woonomic) November 12, 2021

“A decline to 59-61k followed by some consolidation would be, in my opinion, the best way to continue the bull run,” added Galaxy, the Twitter trader.

“It might not happen, but it would be extremely healthy for $ BTC and Alts. Be prepared anyway.

Funding rates have remained slightly elevated on the exchanges – with the exception of Binance and Bybit – hinting that a potential price drop could ensue.

At the time of writing this article, BTC / USD has been fluctuating below $ 64,000, down $ 1,000 in a single hourly candle.

Larger losses loom for altcoins

It was a similar story in the altcoin markets, with Ether (ETH) corresponding to Bitcoin’s daily losses of around 2%.

Related: Analysts Say ‘Bitcoin Price Declines Are Transient’, Suggesting BTC To Hit $ 75,000 Soon

Several of the top 10 cryptocurrencies by market cap suffered larger losses of 6% or more, including the big flyers Solana (SOL) and Polkadot (DOT).

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

The cryptocurrency’s overall market capitalization thus fell below the $ 3 trillion level after hitting it for the first time earlier in the week.

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