Bitcoin (BTC) price fell below $ 64,000 on November 12, as its fall from new all-time highs continued to baffle most.
BTC: Consolidation turns into downward movement
Data from Cointelegraph Markets Pro and TradingView captured the fluid market conditions on Friday, with the price of BTC / USD trading in a $ 2,000 range.
The pair had spent the previous day moving slightly up and down in the same range, behavior that now it showed signs of rupture.
However, for popular analysts, Such BTC price action was not only expected but welcomed.
“A drop to $ 59,000-61,000 followed by a consolidation would be the best way to continue the bull run in my opinion,” added the trader Galaxy on Twitter.
“It may not happen, but it would be extremely healthy for both USD / BTC and other pairs. Let’s be prepared either way. “
Financing rates were maintained slightly elevated on exchanges, with the exception of Binance and Bybit, suggesting that a possible price decline could follow.
As of this writing, the price of BTC / USD fluctuated below the $ 64,000 mark, dropping $ 1,000 in a single candle per hour.
Bigger losses are coming for altcoins
We saw a similar story among the altcoin markets, with Ether (ETH) matching daily Bitcoin losses, roughly 2%.
Several of the top 10 cryptocurrencies by market capitalization experienced deeper losses of 6% or more, including high-flying ones like Solana (SOL) and Polkadot (DOT).
Overall cryptocurrency market capitalization fell below the $ 3 trillion level after reaching it for the first time earlier in the week.
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