The world’s largest crypto has seen an extreme drop, with the price of BTC hanging on to its support at levels of $ 60,000. According to sources, it is the second largest liquidation event in history, and that Bitcoin has barely dipped. The crypto star plunged more than 8%, with the price of BTC falling from its 24-hour high of $ 66,359.45 to $ 60,588.18.
Amateur traders insisted on digital coins, losing nearly $ 9,000 in value in 6 days. On the other hand, veteran traders remain the least bothered by the fall. Instead, older players call it an opportunity to buy a drop. As they were looking for entry points, before Bitcoins resumed.
Is Bitcoin Price Heading For A Storm?
The recent drop in the price of Bitcoin has come as a surprise to the crypto community. Because enthusiasts did not expect a fall to such a degree. The comparison of the market with that of 2017, sees a peak among several players in the space. Popular crypto analyst points out that Bitcoin in November 2017 saw a 29% drop and a one-day candle dropped 25%. He further mentions that the month ended with a 55% increase despite the turmoil.
According to the Glass Node Alerts, long BTC futures closeouts hit a one-month high of $ 14,958,864.53 on Binance. The realized price of BTC hit an ATH of $ 24,219.73. The total liquidations of BTC in the past 24 hours they have exceeded $ 198.77 million at the time of publication.
Sources suggest the drop to levels of $ 60,000 is the lowest Bitcoin has traced in nine days. The interest of traders in buying the plunge is increasing at a steady rate. The platform believes that a little fear of the crowds is needed for prices to rebound. On the other hand, the market greed was quite high as several traders had opened leveraged long positions in ATHs.
Collectively, the largest crypto will trace the odds, as it did among major crackdowns, crises, and regulations. An event similar to 2017 would be unlikely, as Coinpedia reported earlier.
We can expect BTC prices to rebound from current levels as the network now has the taproot upgrade that supports the protocol. And the adoption rate is steadily increasing, according to some sources El Salvador has more citizens using Bitcoin wallets than bank accounts. Hopefully Bitcoin will retrace its way to higher highs as the price of BTC has already stabilized.