The global market cap is ripping apart as most of the assets are falling into bearish divergence. Most of the tokens are drowning with a notable margin including a 2.5% dip in both Bitcoin and Ethereum prices. Moreover, despite the Parachain auctions going live Polkadot price dropped more than 8% and Solana price suffered a 7.21% drain. The entire market is correcting, implicating a pullback before a massive leg up this weekend.
Coming to BTC price, it dropped below $64,000 at the press time with a notable plunge of 2.48%. The asset since the previous day liquidation of more than $500 million is trending below $65,000. After consolidation, the price is yet again sliding down and may also retest the support levels below $63,500. However, as per the analyst, Galaxy, a drop to $61K to $59K is the best way to continue with the bull run.
While the most awaited Bitcoin Taproot upgrade is on the cards, BTC price is showing no signs of recovery towards its ATH. Rather is undergoing a notable dip, might be a pullback before a massive leg up. With the Taproot upgrade, Bitcoin’s capability to compete with the other blockchains like Ethereum, Polkakdot may increase. As MAST(Merkelized Abstract Syntax Tree) is to be introduced that would make the BTC transactions more secure and complex.
The upgrade that would allow smart contracts to be built on Bitcoin and also induce the features of privacy coins is expected to go live in the next couple of days. Some believe the upgrade may happen in the late hours on Saturday, 13th November. While some hope the upgrade to happen on November 14th at 1 pm.
Collectively, Bitcoin is going to witness one of the largest upgrades that began 3 years before. No doubt the price is shedding little gains yet it may rebound with a notable margin in the upcoming weekend. Taproot is could be one of the largest upgrades ever that may address most of the issues hindering the BTC price rally.