Bitcoin bounced at the pivotal $58,400 during Nov. 17 as the day continued choppy price action.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly reversing after its fourth wick below $59,000 in 24 hours.
The $58,400 level had been pronounced as a key line in the sand for bulls Tuesday, which was necessary to hold in order to avoid deeper losses.
True to form, Bitcoin quickly returned above $60,000 after the retest to see local highs of $60,890 on Bitstamp.
“The real BTC Bear Market is still months away,” a hopeful Rekt Capital summarized.
Fellow trader Pentoshi forecast a return to a zone between $62,000 and $63,000 “over the next 1-3 days,” likewise urging calm over current moves.