Bitcoin (BTC) fell sharply on October 27th as $ 60,000 finally gave way to a two-week low.
Bitcoin bites into the big buying wall
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD was approaching $ 58,000 at the time of writing, its lowest level since October 15.
The move follows several re-tests of $ 60,000, with Bitcoin now drawing liquidity in a large retaining wall with $ 57,000 as a base.
Analysts, Cointelegraph reported, were already prepared, with some data suggesting that a deeper break to a low of $ 50,000 would preserve the general uptrend.
#Bitcoin failed to break $ 63.6K and is testing the other side of the range.
Might drop another time if $ 61.6K can’t break and then I’ll look at $ 58K next. pic.twitter.com/HIsvhE5ZlZ
– Michaël van de Poppe (@CryptoMichNL) October 27, 2021
Charles Edwards, CEO of investment firm Capriole, meanwhile, commented on the situation, blaming leveraged traders for triggering the volatility.
“Basically, Bitcoin looks amazing here on most of the metrics, but leverage traders are out of control,” he argued.
“We won’t get any sustained price increases until that changes.”
The data showed that $ 500 million was liquidated across the cryptocurrency in a single hour.
Altcoins lose a lot when the trend reverses
Ether (ETH) bleeded altcoins on Wednesday and fell below its hard-won support line of $ 4,000.
Similar: The expansion of the ecosystem and the open interest of $ 1.86 billion futures support Solana’s $ 250 goal
Several of the top 10 cryptocurrencies by market capitalization posted daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).
Shiba Inu (SHIB) was still largely in the green, rising 23% over the day despite the market turnaround, continuing a wild month.