Bitcoin (BTC) briefly fell below $60,000 on October. 22 as a correction after all-fourth dimension highs deepened concerns about the market's strength.

BTC/USD 1-60 minutes candle chart (Bitstamp). Source: TradingView

Trader optics $56,000 minimum BTC purchase-in

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD striking lows of $59,930 on Bitstamp, down another 6% on the day.

A rebound took the pair back to a higher place the $60,000 marking, but caution remained the name of the game as the week saw the cost slide below $61,000.

"Was watching that $64K zone equally a crucial level to interruption and the market has failed, so a corrective motility is taking place," Cointelegraph correspondent Michaël van de Poppe summarized the state of affairs.

"Overall; looking at $56–$59K as a adept spot to purchase Bitcoin."

The previous all-fourth dimension high at $64,900 turned out to provide little by way of new support, instead becoming more of a echo resistance zone as bulls had little luck securing their newly-won gains.

Optimism, as is customary, came only from those adopting a longer-term perspective. Among them was popular Twitter annotator TechDev, who stressed that 2022 was still conforming to historical balderdash market trends.

"Concluding BTC impulse has Always been 5 degrees steeper than the run-up to the mid-wheel peak," he noted alongside a comparative nautical chart.

"Holding true and so far. If information technology continues, and the $228K–$250K window is hit (two almost historically reliable fib-based targets)... It would happen end of Jan. Will be interesting to spotter."
BTC/USD annotated chart. Source: TechDev/ Twitter

Ethereum tests traders' resolve

Bitcoin thus relinquished the limelight to altcoins on shorter timeframes, the top twenty cryptocurrencies by market cap being led by Solana (SOL), up 13% in 24 hours.

Related: Bulls fight to keep Ethereum price above $4K alee of Friday's $435M options expiry

Ether (ETH), fresh from a failed attempt to fissure new all-time highs, dropped below $four,000 afterward a cursory rebound.

ETH/USD 1-60 minutes candle chart (Bitstamp). Source: TradingView

Bitcoin's marketplace cap share stood at 45.7%, reflecting the relative strength of alt markets toward the weekend.

The October "worst case scenario," as Cointelegraph previously reported, meanwhile demands a $63,000 monthly close for BTC/USD.