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 U.S. markets opened Nov. 15 as a weekend surge ended in 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 St., instead eyeing April’s old all-time high.
For Cointelegraph contributor Michaël van de Poppe, it was higher levels that were more important in order to preserve overall bullish momentum in the short term.
“Still looking at a potential rising wedge structure here,” he summarized alongside an annotated chart.
Elsewhere, attention focused on indicators hinting that there could be much more room for price growth before classic cycle top signals appear.
Highlighting 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.
Bitcoin SOPR chart. Source: Philip Swift/ Twitter
SOPR takes a look at the price at which coins moved over a particular time period, and is useful in determining investor behavior at different parts 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, meanwhile, standing out from flat progress on 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. markets opened, a move which, like the same time last week, saw copycat behavior from Bitcoin in particular.
In a somewhat heated Twitter exchange, CEO Elon Musk had threatened to add to his existing stock sell-offs.
TSLA 1-day candle chart. Source: TradingView