Bitcoin (BTC), which fell sharply Oct. 27, when $60,000 finally gave place to two-week lows.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitcoin snatches at major buy wall
Cointelegraph Markets Pro and TradingView data showed that BTC/USD was close to $58,000 at the time this article was written. This is its lowest level since Oct. 15.
This move comes after multiple retests at $60,000 and Bitcoin now has liquidity in a large support barrier with $57,000 as its base.
Cointelegraph reported that analysts were already ready with data suggesting that a deeper dive down to $50,000 would maintain the bull trend.
#Bitcoin failed to break $63.6K, which tests the other end of the range. If $61.6K isn’t broken, I might drop another time. Then I’ll be looking at $58K. pic.twitter.com/HIsvhE5ZlZ
— Michael van de Poppe (@CryptoMichNL) October 27, 2021
Charles Edwards, CEO at Capriole Investments, commented on the situation and blamed leveraged traders.
He stated that Bitcoin looked amazing on all metrics but that leverage traders had taken over.
“Until that happens, we won’t see sustainable price increases.”
Data shows that $500 million was liquidated in just one hour across all cryptocurrency.
LTCins suffer big from trend reversal
Ether (ETH), which suffered a bleed from altcoins on Wednesday, fell below its hard-won $4,000 support level.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Related: Expanding ecosystem, $1.86B futures open interest in Solana’s $250 target
Many of the top 10 cryptocurrency market capitalizations suffered daily losses exceeding 15%. This includes Dogecoin (DOGE), and Solana(SOL).
Shiba Inu, (SHIB), was still in the green. It rose 23% on the day despite a market turnaround and continued a wild month.