The largest crypto in the world has seen an extreme fall, with BTC’s price catching hold of its support at levels of $60,000. According to sources, this is the second-largest liquidation event in history, and that Bitcoin has barely dipped. The star crypto has plunged over 8%, with the price of BTC plummeting from its 24-hour high of $66,359.45 to $60,588.18.
Amateur traders have been stressing over the digital coins, losing close to $9,000 in value in a span of 6-days. On the other hand, veteran traders remain least bothered with the fall. Instead, the older players call it an opportunity to buy some dip. As they have been looking out for entry points, prior to Bitcoins upswing.
Is Bitcoin Price Heading Towards a Storm?
The recent dip in Bitcoin price has been surprising for the crypto community. As enthusiasts did not expect a fall to such a degree. The market comparison with that of 2017, sees a spike among several players in the space. Popular crypto analyst emphasizes that Bitcoin in November 2017 had a 29% drop and a single-day candle dropping by 25%. He further mentions that the month concluded with 55% higher despite the fuss.
According to glass node alerts, BTC futures contracts long liquidations reached a 1-month high of $14,958,864.53 on Binance. The realized price of BTC reached an ATH of $24,219.73. The total liquidations of BTC for the past 24-hours are over $198.77 Million at press time.
Sources suggest that the fall to levels of $60,000 is the lowest Bitcoin has traced in nine days. The interest from traders to buy the dip is rising at a brisk rate. The platform believes a bit of crowd fear to be necessary for prices to rebound. On the other hand, the greed of the market has been pretty high, as several traders had opened leveraged longs at ATHs.
Collectively, The largest crypto will retrace from the odds, as it has been doing amongst major crackdowns, crises, and regulations. A 2017 like event would be unlikely as Coinpedia had reported earlier.
We can expect BTC price rebound from current levels, as the network now has the taproot upgrade backing the protocol. And the adoption rate has been on a steady rise, according to some sources El-Salvador has more citizens using Bitcoin wallets than bank accounts. Hopefully, Bitcoin will retrace its path to higher highs, as BTC price has been leveling up already.