Bitcoin price is losing $ 1,000 in five minutes, consolidating a drop below $ 60,000

The price of Bitcoin (BTC) fell sharply on October 27th as the $ 60,000 mark gave way to a two-week low.

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

Bitcoin is biting into the wall of higher buying

Data from Cointelegraph Markets Pro and TradingView showed that The BTC / USD pair was nearing $ 58,000 at the time of writing, hitting its lowest level since October 15.

The move follows several retests of $ 60,000; Bitcoin is now taking liquidity on a large retaining wall with the $ 57,000 mark as a base.

Bitcoin price is losing $ 1,000 in five minutes, consolidating a drop below $ 60,000
Bitcoin price is losing $ 1,000 in five minutes, consolidating a drop below $ 60,000

As Cointelegraph reported, the analysts were ready; some data suggest it a deeper dip to a low of $ 50,000 would maintain the general upward trend.

Commenting on the situation, Charles Edwards, CEO of investment firm Capriole, blamed leveraged traders for the volatility.

“Basically, Bitcoin looks fantastic here on most of the metrics, but the leverage traders are out of control “,TO argued.

â ???? We won’t have any sustained price increases until that changes. “

The data showed that $ 500 million was transacted through cryptocurrency in a single hour.

Altcoins lose a lot in the trend reversal

Ether (ETH) caused an altcoin bleeding on Wednesday, falling below its $ 4,000 maca support how hard it was to get.

ETH / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

TO

Several of the top 10 cryptocurrencies by market capitalization suffered daily losses of more than 15%, like Dogecoin® (DOGE) and Solana (SOL).

Shiba Inu (SHIB) was still largely green, up 23% from the day despite the market turnaround and another wild month.

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