Bitcoin price dropped to their lowest since October and then fighting to recoup their losses
Bitcoin price experienced some interesting volatility today, dropping to its lowest since October at $58.673.84 and then attempting a rally to near $60,000, where it is now. At the time of writing, BTC is changing hands at $59,690, down 3% in the last 24 hours and 10% in the previous seven days.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price is down about 3% after sellers became more active than buyers
Bitcoin price has suffered its worst daily loss in nearly four weeks, all but not losing any short-term hopes of returning to last week’s all-time high of almost $69,000.
“Bitcoin dipped 9.7% in the last 24 hours, temporarily dropping below $60k for the first time in 3 weeks. Sign of things to come or short-term price tremors?”, Santiment stated.
Source: Santiment/Twitter
BTC is stabilizing near the $60,000 support and appears to be oversold on the intraday charts. For now, the short-term indicators show limited downside during the Asian trading hours. For example, the Relative Strength Index (RSI) on the 4-hour chart is the most oversold since October 27, before the price bounced near 10%.
However, the RSI on the daily chart is neutral as bullish momentum continues to wane. This suggests that the intraday buyers will quickly book profits around the $63,000 – $65,000 resistance area. A period of consolidation could extend over the next few days before BTC establishes a more robust foundation around the $60,000 support area.
In another development, Ethereum is seeing its top 10 largest non-exchange addresses continue to grow larger, while the top 10 largest exchange addresses shrink. There is a record 5.16x the amount of ETH on the top 10 non-exchange vs. exchange whale addresses now, a great sign.
Source: Santiment
ETH is still struggling to sustain above the $4,000 price. The market’s second-largest coin has also dropped 5% in the past 24 hours.
The overall crypto market capitalization stands at $2.600 trillion, and Bitcoin Dominance is at 43.4%.
.Read more:
- Peter Brandt Calling $53,000 For Bitcoin Price
- After Scoring Big Gains In “Uptober,” Bitcoin Price Is Struggling To Remain In The Green This November