Bitcoin (
$110,171.00 ) (BTC) fell sharply on Oct. 27 as $60,000 finally gave way to two-week lows.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin ( $110,171.00 ) bites into major buy wal
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $58,000 at the time of writing, hitting its lowest since Oct. 15.
The move follows multiple retests of $60,000, with Bitcoin ( $110,171.00 ) now taking liquidity in a large support wall with $57,000 as its base.
Analysts, as Cointelegraph reported, were already prepared, with some data suggesting a deeper dive to a low as $50,000 would still preserve the overall bull trend.
# Bitcoin ( $110,171.00 ) couldn’t break through $63.6K and tests the other side of the range.
Might be dropping another time if $61.6K can’t break and then I’m looking at $58K next. pic.twitter.com/HIsvhE5ZlZ
— Michaël van de Poppe (@CryptoMichNL) October 27, 2021
Commenting on the situation meanwhile, Charles Edwards, CEO of investment firm Capriole, blamed leveraged traders for sparking the volatility.
“Basically Bitcoin ( $110,171.00 ) looks incredible here on most metrics, but leverage traders have gone out of control,” he argued.
“We won’t get sustainable price rises until that changes.”
Data showed $500 million being liquidated in a single hour across cryptocurrency.
Altcoins lose big on trend reversal
Ether (ETH) led a bleed from altcoins Wednesday, falling below its hard-won $4,000 support line.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
Related: Expanding ecosystem and $1.86B futures open interest back Solana’s $250 target
Several of the top ten cryptocurrencies by market cap saw daily losses of over 15%, including Dogecoin (
$0.223 ) (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.
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