It’s a familiar scenario to start the week as Bitcoin follows TSLA downhill after rallying overnight.
Bitcoin (BTC) tested $65,000 as support as United States markets opened Nov. 15 with a weekend surge that ended in a retracement.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Analysts maintain positive BTC price outlook
In a move away from recent patterns, the pair failed to rally further into the start of trading on Wall Street, instead eyeing April’s old all-time high.
For Cointelegraph contributor Michaël van de Poppe, higher levels were more important for the preservation of an overall bullish momentum in the short term.
“Still looking at a potential rising wedge structure here,” he summarized, alongside an annotated chart.
“Clear bullish breaker if Bitcoin breaks above $66.4K–$66.8K.”
Elsewhere, attention focused on indicators, hinting that there could be more room for price growth before classic cycle top signals appear.
Highlighting the Spent Output Profit Ratio (SOPR), Philip Swift, creator of data resource Look Into Bitcoin, contrasted the state of the current market with the “overheated” atmosphere of early 2021.
“These on-chain daily p/l levels are so low. Yesterday was close to negative again. We are far from the overheated levels that you see on left-hand side of chart,” he commented.
“With funding pretty flat too, probably not much longer before we start meaningfully trending up again.”
Bitcoin SOPR chart. Source: Philip Swift/ Twitter
SOPR takes a look at the price at which coins moved over a particular time, and is useful in determining investor behavior at different segments of Bitcoin’s price cycles.
Fresh Tesla dip proves testing for crypto
Ether (ETH), Solana (SOL) and Polkadot (DOT) were the leading major altcoins on the day, standing out from the flat progress of other tokens.
Up 2.6%, ETH/USD traded above $4,700 at the time of writing, closing in once again on both all-time highs and the watershed $5,000 mark.
Want me to sell more stock, Bernie? Just say the word …
— Elon Musk (@elonmusk) November 14, 2021
On traditional markets, Tesla (TSLA) fell over 3% at the U.S. market’s open, a move which saw copycat behavior from Bitcoin, as was the case last week.
In a somewhat heated Twitter exchange, CEO Elon Musk threatened to add to his existing stock sell-offs.
TSLA 1-day candle chart. Source: TradingView