The fall of digital currencies .. the reasons for the sudden decline
Experts and analysts in the cryptocurrency market agreed that the sudden decline of currencies led by Bitcoin was expected after the recent record highs, coinciding with huge liquidations in the market.
The cryptocurrency market lost nearly $170 billion in a few minutes during Wednesday's trading, which comes after a wave of tumultuous rises for bitcoin and altcoins.
Huge Rush.. Positive News
Bitcoin (BTC) fell sharply on October 27, dropping below $60,000 levels all the way to its lowest in two weeks.
The move comes after multiple retests of $60,000, analysts said, with bitcoin now taking liquidity into a major support wall with $57,000 as its base.
Analysts said they were already prepared for those pullbacks, with some data suggesting that a deeper drop to as low as $50,000 would still maintain the overall bullish trend.
Urgent: Sudden Crypto Crash
market now
It seems that Bitcoin and alternative currencies are on the way to reduce their losses during those moments of trading today, Wednesday, as the currency market reduced about 25 billion dollars of its losses.
Only the last minutes’ trading revealed that the major altcoins are turning into the green zone, with increases of about 1%, while Bitcoin and Ethereum are declining by a marginal percentage that does not exceed 0.1%.
Bitcoin is now down 6%, down near $59,000, while Ethereum is trading near $4,000, down 5%.
Binance Coin is down around 7% at levels of $451, while Cardano is down 10% near dollar levels.
Solana fell by about 9% to levels near 190 dollars, while Ripple is declining by the same percentage at dollar levels.
Polka dot is down less than 5% at $41.77, while Dogecoin is down 13% at $0.2359.
A digital currency is rocketing while everyone else collapses
I got out of control
Charles Edwards, chief executive of investment firm Capriol, blamed leveraged traders for stirring up volatility.
“Basically, bitcoin looks amazing here by most metrics, but the traders’ leverage is out of control,” he said.
"We won't get a sustained price hike until that changes, as data shows $500 million liquidated in one hour via cryptocurrencies," Edwards added.
Edwards said altcoins took a lot of losses as the trend switched back.
“Ether (ETH) led altcoins to bleed heavily on Wednesday, dropping below the hard-earned $4,000 support line,” Edwards added.
Cryptocurrency will rise 100%, double your wealth in days
Plan B
The famous cryptocurrency analyst PlanB sees the founder of the stock flow model for Bitcoin, whose price predictions during August and September came true.
Bitcoin was unable to break through $63.6 thousand and test the other side of the range, stabilizing above those levels.
Plan B said the price may drop again if it is not able to return to the highest levels of 61.6 thousand dollars, and then prices may look to 58 thousand dollars after that.
Plan B sees Bitcoin expected to close by the end of October-October at $63,000 and $98,000 for November, while reaching $135,000 by December.
https://twitter.com/CryptoMichNL/status/1453261716876406785
Ripple defeats the US Exchange Commission.. so far
Important levels
Analysts say Bitcoin (BTC) is likely in the midst of a short-term correction that brought it below $60,000, and after this correction, a rebound in price is likely.
Analysts see that a bearish engulfing candle has been formed, where the entire bullish move from the previous day is invalidated by an equal or greater decrease in the next day.
And the main support area was found between $52,400 and $53,350, as this range consists of a short (white) and long-term (black) Fibonacci retracement level and a horizontal support area.
There is also a minor support level at $56,550, which was created by the short-term Fibonacci level only.