BTC has seen some turbulent trading over the past few days amid stock crash fears. The coin underwent a strong correction from the highs of $13,850 set earlier this week, highlighting the magnitude of the resistance sitting at this level.
Bitcoin’s price even broke below the $13.5K level of resistance and spiked below $13,200 earlier today. However, dips were limited below the $13K level of support, causing the price to rebound back intensely. BTCUSD is now back into a positive zone as it trades just above the $13,500 resistance.
BTCUSD trades above $13.5K | Source TradingView
Despite today’s show of strength that has driven BTC higher to trade at $13,567 during publication time, the digital asset still faces some heavy resistance.
BTC earlier made two attempts to clear the $13,650 level but failed. The bulls now need to surmount that resistance at $13,650 to continue higher, after which they will likely encounter more resistance at the $13,700 level.
BTC Price Analyst Predicts Rally to $14k
Bitcoin smashing through $12K a few weeks ago gave the world’s leading cryptocurrency enough momentum to surmount the $13K resistance and revisit last year’s highs.
Despite facing a sharp correction that saw the bears drive prices toward $12,900 on Thursday, one analyst predicts that BTC will remain embroiled in an uptrend.
Coiner Yadox, a historically accurate analyst who predicted that the BTC price would slip to $9,800 this past August, shared a bullish prediction displayed below.
Yadox’s fractal comparison shows that the current BTC price action mirrors a period of consolidation seen from July to mid-august of this year. The analyst suggests that BTCUSD will see a slight uptick till mid-November, ultimately peaking at $14K. From there, BTC will then continue to consolidate gains.
BTC’s price action Comparison by Coiner-Yadox | Source TradingView
Altcoins Bleed Out
As Bitcoin continues to consolidate at relatively high prices following its latest rejection, ETH and numerous other DeFi and non-DeFi related altcoins have seen massive inflows of selling pressure.
The ETH price broke below $380 earlier today, while top DeFi token yearn.finace (YFI) momentarily dipped beneath $10K. Some top altcoins have also posted losses of more than 10% over the past 24 hours, including Filecoin, OCEAN and Uniswap.
Addressing the ongoing bloodbath in altcoin markets, one pseudonymous analyst took to twitter to suggest that the selloff is likely driven by panic selling. He thus advised traders that the week ahead could bring some lucrative buying opportunities for DeFi-related altcoins.