Bitcoin Reversal Falls Below $67,000, Market Panic Spreads, Liquidations Exceed $200 MillionAfter reaching a high of $69,546 in the early morning yesterday, Bitcoin saw selling pressure emerge. It fell below $67,000 late last night and plunged close to the $66,500 level around 8:30 this morning, quickly falling below the low of October 17th before rebounding, again washing out a number of investors
Bitcoin Reversal Falls Below $67,000, Market Panic Spreads, Liquidations Exceed $200 Million
After reaching a high of $69,546 in the early morning yesterday, Bitcoin saw selling pressure emerge. It fell below $67,000 late last night and plunged close to the $66,500 level around 8:30 this morning, quickly falling below the low of October 17th before rebounding, again washing out a number of investors. As of press time, it has recovered to $67,296, down 2.46% in the past 24 hours. The upward trend of Bitcoin seems to have been disrupted. Whether this is just a short-term pullback or whether the main force is trying to take out some profits when market sentiment is high and then pull it back closer to the US election remains to be seen.
Ethereum is even weaker. After hitting $2,769 yesterday, it also continued to fluctuate and fall, currently returning to the consolidation zone around $2,640.
According to Coinglass data, cryptocurrencies across the network liquidated over $204 million in the past 24 hours, with nearly 63,000 people liquidated. While the liquidation data has expanded from yesterday, it is not considered too serious by historical data. Subsequent fluctuations may further amplify.
On the other hand, while Bitcoin's open interest in exchanges has fallen from a new high of $400 billion, it remains at a relatively high level overall. More dramatic market fluctuations could still occur at any time.
Below is a further analysis of the above:
- Reasons behind Bitcoin's pullback: While there is no clear reason for Bitcoin's pullback at present, the market generally believes that it may be due to some negative news, such as the US government's tightening of regulations on cryptocurrencies and the Chinese government's restrictions on cryptocurrency trading, leading to a decline in investor confidence.
- Increased liquidation scale: Bitcoin's decline has triggered a large number of liquidations, reflecting the spread of market panic. Due to the high risks of leveraged trading, investors are easily liquidated when market volatility is high.
- Open interest remains at a high level: Although Bitcoin's open interest has declined, it remains at a relatively high level overall, indicating that there is still a significant risk of volatility in the market.
Future outlook:
Bitcoin's trend remains very uncertain. If the market continues to panic, Bitcoin could continue to fall. On the other hand, if investors are confident about the future, Bitcoin could rebound quickly. In the coming weeks, as the US election approaches, the cryptocurrency market may see even greater volatility.
Investors should note:
- Market risk: The cryptocurrency market is extremely volatile. Investors should invest cautiously and manage their risks.
- Diversification: Don't put all your money in one cryptocurrency. Diversify your investments to reduce your exposure to risk.
- Stay calm: When the market is volatile, don't be swayed by emotions. Stay calm and make investment decisions rationally.
In short, Bitcoin's decline reminds investors that the cryptocurrency market is still fraught with risks. Investors should invest cautiously and manage their risks. In the future, as the US election approaches, the cryptocurrency market may see even greater volatility.
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