Bitcoin (BTC), which fell below $64,000 on November 12, was a sign that it is continuing to fall from its all-time highs.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC: Consolidation is down
Cointelegraph Markets Pro data and TradingView data captured market conditions Friday. BTC/USD traded in the $2,000 range.
The couple had been tracing sideways for the day before, a behavior that was now beginning to show signs of disintegration.
Popular analysts however felt that such BTC price movements were not only anticipated but welcome.
— Willy Woo, @woonomic, November 12, 2021
Galaxy, a Twitter trader, stated that a drop to 59-61k and then some consolidation would be the best way for the bull-run to continue.
It might not happen, but it would be very beneficial for $BTC as well as alts. You should be prepared for whatever happens.
With the exception of Binance, Bybit and Binance, funding rates on exchanges remained slightly higher than usual, which suggests that there could be a price drop.
BTC/USD was trading below $64,000 at the time of writing. This is a decrease of $1,000 in one hour.
Altcoins are at greater risk of losing their value.
The story was similar in altcoin markets. Ether (ETH), which is roughly 2% per day, had losses of approximately 2%.
Related: Analysts believe Bitcoin price dips are temporary, suggesting that BTC will soon reach $75K
Several top 10 cryptocurrencies in terms of market capitalization suffered deeper losses of 6% and more, including high-flyers Solana (SOL), Polkadot(DOT), and Solana (SOL).
DOT/USD 1-hour candle chart (Kraken). Source: TradingView
After hitting the level earlier in the week, the overall cryptocurrency market cap fell below $3 trillion.