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William Suberg
Written by William Suberg,Staff Writer
Allen Scott
Reviewed by Allen Scott,Staff Editor

Bitcoin hitting $59K would be ‘extremely healthy,’ says trader as BTC price retreats

A correction continues for Bitcoin during Friday, but it may not be over yet, and analysts are far from worried.

Bitcoin hitting $59K would be ‘extremely healthy,’ says trader as BTC price retreats
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Bitcoin (BTC) dipped below $64,000 on Nov. 12 as its comedown from new all-time highs continued to unnerve.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC: Consolidation becomes down move

Data from Cointelegraph Markets Pro and TradingView captured fluid market conditions on Friday, with BTC/USD acting in a $2,000 range.

The pair had spent the previous day tracing sideways — behavior that was now showing signs of breaking down.

For popular analysts, however, such BTC price action was not only expected but welcomed.

“A drop to 59-61k followed by some consolidation would be the best way to continue the bull-run in my opinion,” Twitter trader Galaxy added.

“Might not happen but it would be extremely healthy for both $BTC and alts. Be prepared either way.”

Funding rates remained slightly elevated on exchanges — with the exception of Binance and Bybit — further hinting that a potential price dip could follow.

At the time of writing, BTC/USD fluctuated below the $64,000 mark, down $1,000 in a single hourly candle.

Larger losses loom for altcoins

It was a similar story among altcoin markets, with Ether (ETH) matching Bitcoin’s roughly 2% daily losses.

Related: Analysts say Bitcoin price ‘dips are transitory,’ suggesting BTC will soon head to $75K

Several of the top 10 cryptocurrencies by market capitalization saw deeper losses of 6% or more, these including high flyers Solana (SOL) and Polkadot (DOT).

DOT/USD 1-hour candle chart (Kraken). Source: TradingView

The overall cryptocurrency market cap thus fell below the $3-trillion level after hitting it for the first time earlier in the week.

This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.