Bitcoin (BTC) hit multi-day highs of $ 58,300 during the night of November 25, and Investors were betting on the low probability of a further major drop in its price.

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

Data from Cointelegraph Markets Pro and TradingView showed that The BTC / USD pair traded above $ 57,000 on Thursday, printing a higher low on the daily chart.

This, according to trader and analyst Rekt Capital, shows that Support is “solidifying” at current levels, thus hoping for a more convincing turnaround.

“Bitcoin has certainly solidified its support here, producing a long bearish wick at the bottom of the black wedge structure and bouncing strongly.”, them said to your Twitter followers.

“Also, today’s candle is forming a Higher Low relative to yesterday’s Daily candle.”

Bitcoin price “solidifies” its support at $ 58,000 as its volatility hits a 7-month low
BTC / USD (Coinbase) 1-day annotated candlestick chart. Source: Rekt Capital / Twitter

The mood was shared by the cryptocurrency trading firm QCP Capital, which, on Wednesday, summarized probable short-term results.

“So far, the selling pressure has effectively limited the entire rally. The question is whether it will lead to a break to the downside.”he wrote in a market update for subscribers to his Telegram channel.

“We are betting that the market consolidates instead of breaking down.”

As Cointelegraph reported, This week exchanges issued mixed signals on selling pressure, with large inflows and outflows marking a very active market.

Nevertheless, volatility remains the lowest in more than half a year, reinforcing relatively stable price conditions.

Bitcoin price “solidifies” its support at $ 58,000 as its volatility hits a 7-month low
Bitcoin volatility graph. Source: Buy Bitcoin Worldwide

Altcoins falter led by repeat of Solana support

Of the top 10 cryptocurrencies by market capitalization, Binance Coin (BNB) became the only one to stand out, with an increase of 8% week after week.

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Other tokens were flat or suffered minor losses, led by Solana (SOL), which fell nearly 7% on the day to close to $ 200.

Bitcoin price “solidifies” its support at $ 58,000 as its volatility hits a 7-month low
SOL / USD (FTX) 1-hour candlestick chart. Source: TradingView

For the fellow trader and analyst Pentoshi, Macro factors could still bring about a more definitive stalling of the cryptocurrency race to the bottom.

“The most hilarious ending to a crypto bull market would be double digit inflation and people not understanding why that can be bearish for asset risk.”commented in a thread Twitter originally started on November 16.

“The very thing that people cheer at the expense of others may be what ends this cycle.”

On Thursday, he reiterated the possibility of deflation in 2022.

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