Outside Source
Bitcoin’s price took a turn for the worse in late Monday evening in Europe. The sellers have reappeared and established control, pushing the cryptocurrency below $67,000, losing about 2.5% in the past 24 hours.
The move has pushed the total liquidations in the derivatives market to about $200 million. In the past four hours alone, almost $70 million worth of leveraged positions—the majority of them long — were wiped off the market.
This latest move caused a lot of uncertainty in the market, with many wondering whether the rally to a new all-time high is put on pause.
Some popular traders such as X user Emperor even suggested that a further decline to $62,000 might be in the cards.
Bitcoin Price Update
1. Backtest of $66,000 level held and we moved higher. Want to see price hold above Previous Month High for continuation higher. My target of $69,000 has now been hit and I’m looking to relong dips.
2. I told you most will be scared to buy the dip at… pic.twitter.com/1NwHonte72
— Emperor (@EmperorBTC) October 21, 2024
The majority of the market is currently in a state of correction, as it’s clearly visible in the heatmap below. It’s worth noting that the declines remain relatively marginal at the time of this writing.
This article first appeared at CryptoPotato
