Bitcoin extends correction as Ethereum sees ‘picture perfect’ rejection at all-time highs

Bitcoin (BTC), which was close to $60,000, remained so after Ether (the largest altcoin) failed to set new records.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

ETH all-time high? You’ll be oblivious to it if you blink.

Data from Cointelegraph Markets Pro, TradingView ETH/USD just matches its record $4380 on Bitstamp. Before seeing a harsh rejection

Traders waited in anticipation when Ethereum seemed to be following Bitcoin to historic new heights, but then faced immediate resistance and fell sharply into a lower range.

We couldn’t celebrate $ETHATH for more than 30 seconds Lmfao ruthless markets makers
— Johnny (@CryptoGodJohn), October 21, 2021

Rekt Capital analyst and trader, Rekt Capital described the event as a “picture-perfect rejection.”

At the time this article was written, ETH/USD had reached $4,150. The USD kept $4,000 support, with the exception of a flash drop that immediately followed the record-setting rematch.

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

Ethereum performed better against Bitcoin with the ETH/BTC pair rebounding near their lows in late July.

Bitcoin could experience “additional topside emotion”

Bitcoin also failed to hold higher levels and took a long break from the excitement of overheated markets.

Related: Too popular: The Bitcoin futures ETF is in danger of reaching the upper limit for contracts

Friday’s normalization of funding rates was a result of a return to normal, despite the fact that they were in a similar state to April’s blow-off peak.

Chart of Bitcoin funding rates. Source: Bybt

These were, however, not as frenetic as open interest.

“This means that there may still be room for topside euphoria, but we are at levels which are starting to stretch market,” QCP Capital, a crypto trading firm, stated in its most recent market update.

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