Bitcoin drops $ 1,000 in five minutes in further drop below $ 60,000

0
0

Bitcoin (BTC) fell sharply on October 27 as $ 60,000 finally gave way to a two-week low.

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

Bitcoin bites into the major buy wall

Data from TBEN Markets Pro and TradingView showed BTC / USD approaching $ 58,000 at the time of writing, hitting its lowest level since October 15.

The move follows several new tests of $ 60,000, with Bitcoin now taking liquidity into a large wall of support with $ 57,000 as its base.

ALSO READ  Crypto miner Hut 8 surpasses 5K Bitcoin held in reserves

Analysts, as TBEN reported, were already prepared, with some data suggesting that a deeper dive to a $ 50,000 low would still preserve the overall uptrend.

Commenting on the situation in the meantime, Charles Edwards, CEO of investment firm Capriole, accused leveraged traders of triggering volatility.

ALSO READ  VeChain switches to Proof of Authority 2.0 consensus mechanism

“Basically, Bitcoin looks amazing here on most measures, but the leveraged traders have gotten out of hand,” he said. argued.

“We won’t get sustainable price increases until that changes.”

Data showed that $ 500 million was liquidated in a single hour through the cryptocurrency.

Altcoins lose big on trend reversals

Ether (ETH) caused altcoins to bleed on Wednesday, falling below its hard-earned $ 4,000 support line.

ALSO READ  Rarible and Adobe form partnership to protect NFT creators
1 hour ETH / USD candle chart (Bitstamp). Source: TradingView

Related: Ecosystem Expansion and $ 1.86 Billion Futures Open Interest in Solana’s $ 250 Goal

Several of the top ten cryptocurrencies by market cap recorded daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).

Shiba Inu (SHIB) was still largely in the green, up 23% on the day despite the market turnaround and continuing a wild month.