Will The Weekly Close Spark A Correction?

Bitcoin (BTC) Challenged brand-new support levels on Oct. 14 after overnight success took the market past $58,000.

Bitcoin Dips Near $57,000

Data from Cointelegraph Markets Pro and Trading View tracked BTC\USDT as it reversed towards $57,000 after hitting highs of $58,000 on Bitstamp.

The moves mimicked the first time Bitcoin had attacked $58,000 in February, several attempts interspersed by consolidation, followed ultimately by a run to April's all-time highs.

Despite on-chain indicators showing that Bitcoin is a different beast in Q4, however, the mood was just bullish this time around.

"Bitcoin is more likely just continuing his grind towards the all-time highs" Cointelegraph contributor Michael Van De Poppe Wrote in his latest Twitter update.

Commenting $50,000 a support, for the second time in 2021 would form a clear sign on the market trajectory as pundits gear up for what they expect to be an explosive end to the year.

For trader and analyst Rekt capital, however, there was a potential cause for concern this week. Zooming out, BTC\USDT has failed to close a weekly candle above $60,000, and a repeat performance could likewise spell a copycat correction.