Bitcoin (BTC) briefly dipped below $63,000 on October. 21 as a standard correction cooled the market place.

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

Bitcoin battles for new support at old peak

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it came off all-time highs above $67,000 to hitting lows of $62,860 on Bitstamp.

The roughly 6% driblet from its peak came as lilliputian surprise to seasoned traders, despite Bitcoin then far failing to create solid back up at the site of its previous all-fourth dimension high of $64,900.

"Bitcoin is notwithstanding undergoing this retest attempt," pop trader Rekt Upper-case letter wrote in his latest update, suggesting that the old high could still flip to support.

Others took the chance to poke fun at the jittery mood on social media, where various users were getting cold feet observing the retracement.

The return to almost $60,000, at present the top of a large buy wall, meanwhile served to flush out excessive optimism on derivatives markets.

Equally Cointelegraph reported, funding rates had skyrocketed overnight merely were slowly returning to more than sustainable levels at the time of writing.

Sentiment showed prevailing "extreme greed" among market participants, with the Crypto Fright & Greed Index at 84/100. Historical meridian scenarios have involved 95/100 or higher.

Crypto Fear & Greed Index as of Oct. 21. Source: Alternative

Altcoins stabilize with Ether, SOL leading

Altcoins presented a mixed simply birthday more than positive picture on the mean solar day.

Related: Following Bitcoin's all-time high, DeFi TVL hits a record high above $233B

After losing out broadly against BTC, major altcoins were spared a comedown of their own, with Ether (ETH) nevertheless above $4,000. Solana's SOL has gained over 25% in the past two days.

Only Binance Coin (BNB) saw any noticeable downward movement, trading iv% lower over the past 24 hours.

"Full altcoin market place cap shut to taking out its September loftier (and ATH). Did non do that in 2022 until mid-Nov," renowned analyst TechDev noted about the altcoin situation on Oct. 20.

"Could bespeak some serious alt runs sooner than expected. Will go along close eye. Ethereum ain't playin effectually this cycle."
ETH/USD 1-hour candle nautical chart (Kraken). Source: TradingView