Bitcoin drops by $1k in a matter of five minutes, which is the sharpest dip it has experienced since October 15th. The bears are at work as the price fell below 60K.
According to TradingView and Cointelegraph Markets Pro data, the BTC/USD price move near $58K has attracted several retests of $60K pushing bitcoin’s support level to $57k. The price fall comes just a few days after Bitcoin got an all-time high of almost $67K. Bitcoin has been performing well despite the volatility as it has increased by almost 400% in a year.
Contrary to belief, many analysts were expecting a price dip with lows of up to $50K. Micheal Van de Poppe indicated on Twitter that he was expecting bitcoin at $58K if it could not break the $61.6K level.
At the same time, Charles Edwards, the CEO of Capriole, believes leverage traders may have sparked Bitcoin’s volatility. He believes the traders are out of control, and that makes it impossible to have sustainable prices. According to data from Bybit, there have been bitcoin liquidations of up to $500 million in an hour.
Altcoins have also not benefited from the trend reversal. Ethereum is one of the biggest culprits as it has fallen below the $4K support line. This is before the crypto market correction. Nost of the top ten altcoins by market capitalization has dropped by a minimum of 15%. This includes Dogecoin and Solana that have been trending in the charts.
Shiba Inu (SHIB) has been a safe haven this time round as it is still in the green zone rising by 23% despite the current crypto market trend.
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