Bitcoin gives way to two-week lows

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Bitcoin lost $ 1,000 in just five minutes today, giving way to two-week lows. Room number one has hit a major buying wall. It was trading at just over $ 59,000 at the time of writing, which is its lowest since October 15.

10% of earnings lost in a single day

This development follows several retests of $ 60,000. Now Bitcoin is taking liquidity into a large wall of support with a base of $ 57,000, CoinTelegraph reported.

Analysts were prepared for this. The data indicated that even a drop to $ 50,000 would not necessarily justify a bearish forecast. Last month, crypto broker Decentrader argued that there was no reason to be bearish on Bitcoin. After hitting a new all-time high, however, there were concerns that a correction used up 10% of its gains in a single day.

The decenter said:

We’ve been following a Bitcoin fractal pattern for several weeks now, which, if continued, would imply that the next higher major stop for Bitcoin would be $ 72,000 if momentum can be sustained, after which the 1.618 Extensions suggest that around $ 88,000 would turn out to be a target of interest, which relates to the idea that $ 100,000 will see some front run by sellers.

According to Charles Edwards, CEO of investment firm Capriole, leveraged traders have caused volatility:

Basically, Bitcoin looks amazing here on most metrics, but leveraged traders have gotten out of hand. We won’t get sustainable price increases until that changes.

Data showed that in just one hour, $ 500 million was liquidated in the cryptocurrency market. Today, Ethereum led a massive loss of altcoins, falling below $ 4,000. A number of the top ten cryptocurrencies by market cap posted losses of over 15% today, including Solana and Dogecoin.

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Solana may be experiencing resistance near its all-time high, but impressive growth and strong fundamentals in its NFT and DeFi ecosystems will likely push her above $ 250 before the end of the year. Since August, Solana has gained 490%. The main reason for this is the interest of institutional investors.

The best Solana projects

The two most well-known DeFi projects in the room are DEXs with built-in yield generation programs. Each holds nearly $ 2 billion in total locked-in value. Raydium offers yield farming, decentralized exchange and liquidity pools. Saber is an MA that negotiates between synthetic assets and stable pairs.

Today, Shiba Inu has gained 23% so far despite the market turnaround.


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