Bitcoin recently made an attempt to retake the price of $21,000 on the 29th of October as the trading over the weekend started on a solid footing. According to data that was received from TradingView and Cointelegraph Markets Pro, it was understood that the exchange did rebound overnight to multiple local highs of around $21,078 on Bitstamp- which was essentially enough to clinch a new six-week high price.
The pair had also come across a very consolidatory phase which ensured after the first trip that was undertaken to reach the mark of $21,000- which is the first time that the cryptocurrency has reached a price above $21,000 since the 13th of September. This subsequent retracement was quite modulated in its character, with the cryptocurrency not even testing the price of $20,000 before it reversed to a higher price.
Bitcoin Reaches $21,000- Is This The Comeback For The Cryptocurrency?
The previous end of the Wall Street trading week did see the price action of Bitcoin following the United States equities, the Nasdaq Composite Index, and the S&P 500 where it finished at 2.9% and 2.5% respectively on the 28th of October.
In the most recent update on Twitter, Il Capo- a famous crypto analyst and popular trader, mentioned that there was quite an existing theory over how the price action for the short term would be unfolding. He went on to summarize that the downside target levels as well as the potential upside were pretty similar.
The liquidations made by traders have been mounting daily, with some investors still being pretty skeptical about the abilities of the bulls to produce gains even further. According to Coinglass, a monitoring source, Bitcoin in the short term did get burned by the return of a price of $21,000.
