Bitcoin falls from $66K highs, Tesla down 3% after Elon Musk warns he could sell more stock
As US markets started Nov. 15 with a weekend rally that ended in a retracement, Bitcoin (BTC) struck $65,000 as support.
Analysts maintain a positive BTC price outlook
Bitdenex data showed BTC/USD reversing some of its overnight gains after hitting local highs above $66,000.
In a break from recent trends, the pair failed to climb further into the opening of Wall Street trade, instead of aiming for April’s previous all-time high.
Higher levels were more crucial in the short term for maintaining overall positive momentum.
“We’re still looking at a potential rising wedge shape here,” the report said, accompanied by a chart.
“If Bitcoin breaks over $66.4K–$66.8K, it will be a clear bullish breaker.”
Other signs drew attention, suggesting that there may be more room for price increase before conventional cycle peak signals materialize.
Philip Swift, author of data site Look Into Bitcoin, compared the present market to the “overheated” climate of early 2021, citing the Spent Output Profit Ratio (SOPA).
“The daily p/l levels on-chain are quite low. Yesterday came close to becoming negative once more. We’re still a long way from the overheated levels shown on the chart’s left side “He made a statement.
“With investment also flat, it won’t be long until we start trending up again in a major way.”
Fresh Tesla dip proves to test for crypto
The leading significant cryptocurrencies on the day were Ether (ETH), Solana (SOL), and Polkadot (DOT), which stood out among the flat growth of other tokens.
At the time of writing, ETH/USD was up 2.6 percent, closing close on both all-time highs and the $5,000 psychological barrier.
On traditional markets, Tesla (TSLA) plunged more than 3% at the start of the U.S. market, a move that drew a similar reaction from Bitcoin, as it did last week.
Elon Musk, the CEO of Tesla, threatened to add to his existing stock sell-offs in a furious Twitter dispute.