As the week draws to a close, the crypto market correction accelerates with Bitcoin prices plummeting to a monthly low. BTC was last below $56K on Oct. 13. However, it quickly recovered to an all-time high $69K on November 10.
According to Tradingview, which uses prices from Binance, Bitcoin prices dropped to a monthly low $55,650 on Friday morning’s Asian trading session. According to CoinGecko, the drop represents a 6.7% loss for the day.
The asset traded at $56,220 as of the writing of this article. However, it has been trending downwards steadily since the beginning of the week. Bitcoin is now below its 50-day moving average, and hovers around support levels.
If the asset falls below this level, it could cause the asset to tumble to the $53K support zone.
BTCUSD. Source: TradingView
Reaction of a Bitcoin Analyst
The pullback was not a concern for industry observers or technical analysts in Bitcoin, most people talking about buying the dip.
I think I’ll call this one “buying the dip” pic.twitter.com/57kmAtycGF
— Willy Woo, @woonomic, November 18, 2021
Ran Neuner, CNBC host and cryptocurrency trader, commented on the drop below $56K. He attributed the declines to leveraged positions.
“I wish the market dropped to $53000, so we could get all our leverage out and move forward… This slow road down isn’t working!”
Dylan LeClair, a fellow analyst, has been keeping an eye out on exchange balances and said that it all looks healthy.
“The financial landscape was irreversibly altered during the response of COVID. Bitcoin has been adopted accordingly by increasing numbers of people, institutions and governments.”
Bitcoin trading is down 18.5% from its nine-day high, but no one seems to be too worried.
Crypto Markets: Other Information
Over the last 24 hours, the total market capitalization fell by 6% to $2.6 trillion. The rest of altcoins are also bleeding heavily. Ethereum dropped 5% to just above $4,000.
Today’s other major losers include Solana (SOL), dropping 8%, Ripple, dropping 7%, Shiba Inu, (SHIB), which lost 10.5%.
Only two of the top 50 coins are currently bucking this trend: metaverse-based Decentraland, up 20%, and Sandbox, adding 13%.
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