Bitcoin (BTC) continued the sudden rally pattern on November 24 when the sudden impulse gave a short reversal above $57,400.
1 hour BTC/USD light chart (bit print). Source: TradingView
Analyst: 2021 is still developing in an upward trend
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD made shocking moves in a well-known territory on Wednesday.
The pair reached a high of $57,875 on Bitstamp in the past 24 hours, which was short-lived as buying support continued to decline near the $60,000 resistance level.
Amid a generally boring market environment, some took the opportunity to highlight the persistent similarities between 2021 and previous bull market years.
Popular Twitter account TechDev focused on Fibonacci levels and the behavior of Bitcoin around them – so far this year it fits the benchmark.
This analysis predicts the current cycle, which peaks at around $300,000 USD.
In previous comments, TechDev agreed that Bitcoin’s RSI is “almost time” to see its return with subsequent price.
Meanwhile, trader Bentoshi reiterated the view that $60,700 should be returned and held to plan long positions.
“So far, sellers from below have looked weak,” he told his Twitter followers.
Zcash outperforms the top 10 cryptocurrencies
With Bitcoin playing a great game, it was altcoins that took tougher steps on Wednesday.
About it: The SAND sandbox token surged 260% in November ahead of the metaverse’s launch of earnings.
Ether (ETH) is up 4.7% at the time of writing to $4,290, the strongest in the top 10 cryptocurrencies by market capitalization.
1 hour light chart of ZEC/USD (Coinbase). Source: TradingView
The notable mismatch between the major coins was Zcash (ZEC), which gained 26% after comments on Twitter by Barry Silbert, founder and CEO of investment giant Digital Currency Group.
Known for hinting at the possibility of his next purchase, Silbert also attempted to push the price of Bitcoin on Wednesday to a recent high.