On October 13, Bitcoin (BTC) experienced a much-anticipated pullback as bulls struggled to maintain February's old all-time highs.
On Bitstamp, BTC/USD wicked below $54,000 after reversing from five-month highs.
Following a brief recovery to around $55,000, the pair appeared choppy on Wednesday, with no clear direction in sight.
Analysts, on the other hand, were not surprised by the moves. $58,000 was seen as a thorny resistance level that was unlikely to be broken all at once, while a “buy the dip” opportunity at $53,000 or lower was also on many people's minds.
Rekt Capital, a trader and analyst, summarized, "This BTC pullback doesn't worry me at all."
He went on to say that such consolidation and retesting was almost certainly a requirement for Bitcoin to cement new support and continue on to current all-time highs and beyond.
Popular trader Pentoshi was of the same mind, speculating that the higher low that could result from the pullback could be Bitcoin's last before an assault on higher levels.
In Twitter comments Tuesday, he concluded, "Clear invalidation if 48k lost."
Despite coming within 15% of all-time highs, Bitcoin has maintained a low profile, according to Cointelegraph.
In comparison to earlier in the year, Google Trends data shows a relative lack of interest in Q4 Bitcoin highs.
While there are signs of greed, sentiment has not reached the extremes that typically accompany local and macro price tops.
This week, Charles Edwards, founder of asset manager Capriole, reacted, "Pleasantly surprised by the lack of euphoria as we approach $60K Bitcoin."
"It'll be the same as October 2020.