Bitcoin (BTC) Plunges to $67K as Ethereum (ETH) Approaches Key Support

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As a seasoned analyst with over two decades of market observation under my belt, I’ve seen bull markets rise and bear markets fall. The recent slip in Bitcoin’s price to the $67,000 level is reminiscent of a game of cat and mouse between buyers and sellers.

Earlier today, the cost of the primary digital currency, Bitcoin, dipped down to approximately $67,962, as per data from CoinGecko, touching a day’s low.

At press time, the top cryptocurrency is down by 2.7% over the past 24 hours.

In October, the primary cryptocurrency experienced a significant increase of approximately 11%, making it an expectedly bullish month for this digital currency.

Now, the ball appears to be back in the bears’ court, with November having a rather rough start.

Over the last 24 hours, approximately $200 million in long positions on Bitcoin were erased due to a significant drop in its value, as indicated by data from CoinGlass.

According to well-known Bitcoin analyst Dave the Wave, there was an unusual lack of enthusiasm in the cryptocurrency market, even though the primary cryptocurrency nearly reached a fresh all-time high just a few days ago.

Although Bitcoin has shown some signs of weakness lately, well-known media trader HornHairs maintains a positive outlook for Bitcoin over both short-term (weekly) and long-term (monthly) periods.

If we manage to maintain our position above the past consolidation level without any major dips below $65k, my outlook remains optimistic about Bitcoin’s price trend.

The chartist expects Bitcoin to continue making a series of higher highs and higher lows.

Altcoins show renewed weakness

Because Bitcoin’s performance affects other digital currencies, known as altcoins, they too experienced a simultaneous drop in value.

As reported by the 100eyes Crypto Scanner, Ethereum (ETH), a leading altcoin, has dropped to a crucial support point of around $2,450. At present, it’s experiencing a decrease of approximately 1.8%.

Additionally, notable cryptocurrencies like Binance Coin (BNB) and Solana (SOL) are experiencing declines as well. Among them, Dogecoin (DOGE) is showing the most significant decrease, falling by approximately 5.1%.

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2024-11-03 12:20