Bitcoin (BTC) Market Still Bullish, But the Only Metric to Monitor is the 38.2% Fibonacci Retracement Level: Analyst

Cryptocurrency markets are trading higher after Monday's strong correction.

Cryptocurrency markets showed signs of recovery on Tuesday, following a sharp sell-off in the previous session.

After a strong start to the week, crypto markets took a hit on Monday, largely due to a broader sell-off in equities and a surprise increase in U.S. consumer price inflation. BTC fell below the key support level of $50,000 during the session. However, the coin managed to bounce back from the lows and ended the session with a gain.

Related: Don't miss out on the next Nvidia – you can invest in the future of AI for only $10.

Top Gainers

Data showed that the biggest gainer among the top 100 cryptocurrencies was Chromia, which surged over 30%. The coin was followed by STEPN’s GMT, which rose over 25%.

Trader DonAlt said a move above $60,000 will look interesting mainly due to markets witnessing a proper washout this time.

“$BTC Low timeframe levels> $60k would start looking interesting especially given we actually had a proper washout this time. Something we were lacking last time.”

Another crypto trader highlighted that whales are waiting around $40,000-$44,000 with orders. He added, "you can call it a bear market and be bearish and short after September."

According to Titan of Crypto, the Bitcoin bull market is still on and the only metric to watch is the 38.2% Fibonacci retracement level. "As long as the price closes above it, the bull market is still on."

What's Next: The role of Bitcoin as an institutional asset class will be discussed in depth at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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