Bitcoin Extends Correction As Ethereum Sees 'Perfect' Reject At All-Time Highs

Bitcoin ( BTC ) stayed closer to $ 60,000 on October 22 after the biggest Ether altcoin ( ETH ) failed to cement new historic highs. 1 h...


Bitcoin (BTC) stayed closer to $ 60,000 on October 22 after the biggest Ether altcoin (ETH) failed to cement new historic highs.

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

ETH all-time record? Blink your eyes and you’ll miss it

Data Cointelegraph Markets Pro and TradingView ETH / USD just tied its high of $ 4,380 on Bitstamp before seeing a severe rejection.

Traders have been watching with anticipation Ethereum seemed to follow Bitcoin to new all-time highs, only to face immediate resistance and sharply fall back into a lower range.

Trader and analyst Rekt Capital called the event a “perfect rejection”.

At the time of writing, ETH / USD was hovering around $ 4,150, keeping $ 4,000 as support except for a flash dive that immediately followed the record-breaking rematch.

1-day ETH / USD candle chart (Bitstamp). Source: TradingView

Against Bitcoin, Ethereum fared better as the ETH / BTC pair rebounded near lows last seen in late July.

Bitcoin could see “extra euphoria on top”

Also failing to maintain significantly higher levels, Bitcoin itself took an extended hiatus as overheated markets cooled their enthusiasm.

Related: Too Popular: Bitcoin Futures ETF May Reach Upper Contract Limit

Funding rates were back to normal on Friday, after reaching a state reminiscent of the blowing April high.

Bitcoin Funding Rate Table. Source: Bybt

As with open interest, however, these weren’t as frenzied as the second quarter rush, which produced the all-time high of $ 64,900 up until this week.

“This means that there may still be room for some additional euphoria, but we are at levels that are starting to stretch the market,” crypto trading firm QCP Capital commented in its latest update to the market. Marlet.