Even with the price facing these hurdles, it’s still premature to call the $58,000 support level test the beginning of a descending channel.
Among the factors limiting the rally is the regulatory uncertainty in the United States.
Increasing adoption, on the other hand, has been pressuring traditional banks to seek cryptocurrency product offerings.
This week Coinbase exchange hit the top spot as the most downloaded app for the United Stated Apple Store, which is mind-blowing.
Notice how the sharp decrease caused by the $58,000 resistance test on Oct.
The 25% delta skew has been ranging in the neutral zone since Sep.
Although no bearish signs emerged from the Bitcoin derivatives market, bulls should worry about the potential descending channel starting on Oct.
There are no stress signs currently from professional traders, so a correction after a 63% rally in three weeks that led to the $67,000 all-time high on Oct.