A familiar scene as U.S. trading begins sees BTC price action head for formidable resistance at $60,000 and beyond.
Bitcoin (BTC) met the start of U.S. trading with a bang on Dec. 1 as the Wall St. open sparked a run above $58,500.
Analyst: $56,000 may have been resistance flip
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 2% in an hour Wednesday, canceling out the majority of overnight losses.
The pair had hit $59,000 the day before in a similarly-timed move before giving up progress to dive to local lows of $56,700 on Bitstamp.
For Cointelegraph contributor Michaël van de Poppe, hope was back that Bitcoin would now challenge firm resistance at $60,000.
Did you buy the $56K flip on #Bitcoin?
— Michaël van de Poppe (@CryptoMichNL) December 1, 2021
Looking to attack the highs here at $60K. pic.twitter.com/nyx2XvE8Sw
As Cointelegraph reported, the area at and above $60,000 now represents the resistance level to beat and hold in order to secure bullish continuation.
Recent events appeared to make such a scenario less likely in the short term, as resistance intensified and support at lower levels conversely evaporated.
Much like what happened earlier in the year with the $30,000 floor, however, hope remains that $50,000 will continue to form the line in the sand.
Wall's been pulled. Either they're done accumulating (30k wall was also pulled at the time), or VolQ is right. pic.twitter.com/sG6DdtFQzL
— Material Scientist (@Mtrl_Scientist) November 30, 2021
The November close meanwhile marked the first failure in a longstanding Bitcoin price model to capture BTC price performance. The floor model from analyst PlanB predicted an end-of-month price of $98,000.
Ethereum comes within 5% of all-time highs
Altcoins took advantage of the latest Bitcoin increase, with the top ten cryptocurrencies by market cap posting as much as 6% gains on the day.
Related: Ethereum approaches a new ATH, but derivatives data reflects mixed emotions
Ether (ETH) returned to within striking distance of $5,000, this accompanied by continued strength against Bitcoin.
ETH/BTC hit 0.083 BTC on Dec. 1, marking its highest since May and almost challenging levels from 2018.
"ETH is only +5% away from reaching new All Time Highs," trader and analyst Rekt Capital noted.
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