After scoring big gains in “Uptober,” Bitcoin price is struggling to remain in the green this November

By Selena On Nov 16, 2021

Bitcoin price is down again, with BTC and ETH trading both down 8% in trading over the past 24 hours. Meanwhile, a new CoinShares institutional crypto-investment report shows record inflows year-to-date, suggesting that major investors remain generally bullish on cryptocurrencies. So don’t panic!

Bitcoin price wipes out November gains amid brutal sell-off

Bitcoin price has turned red on the monthly chart, erasing its November gains.

BTC/USD 4-hour chart | Source: TradingView

The market-leading cryptocurrency fell to an intraday low of $60,350 at 4:23 a.m. UTC on the Bitstamp exchange. This is the lowest level the cryptocurrency has seen since November 6.

“The dip down to $60,600 is the lowest Bitcoin has been valued in nine days. The -7% slide in the past 24 hours has been met with rising interest from traders to buy the dip. Typically, a bit of crowd fear will be necessary to have prices fully rebound”, Santiment stated.

Source: Santiment

Though analysts still see BTC in a bullish phase, the overall market sentiment has cooled somewhat as the expectations of price explosions towards the end of the year are becoming deflated. Bitcoin closed below the support noted yesterday at $64,000, the next stop is likely to be $59,700.

Ethereum investment products saw inflows of $17 million, with AUM over $21 billion for the first time, CoinShares reported. Cardano, Solana, and Polkadot saw institutional investment inflows of $16 million, $10 million, and $5 million respectively.

ETH has seen a stronger correction against Bitcoin, dropping to $4,249 earlier today. The two largest cryptocurrencies are both down more than 10% from their recent record highs at press time. According to data provided by Coinglass, $287.84 million worth of long coins were liquidated in 4 hours.

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