Bitcoin (BTC) fell below $ 64,000 on November 12 as it continues to retreat from all-time highs.
1-hour candlestick chart BTC / USD (bit stamp). Source: TradingView
BTC: Consolidation becomes Bearish Move
Data from Cointelegraph Markets Pro and TradingView recorded a change in market conditions on Friday, with BTC / USD trading in the $ 2000 series.
The couple had spent the day before tracking sideways, behaviors that now showed signs of disruption.
For well-known analysts, however, such a movement in the BTC price was not only expected but also desirable.
Galaxy Twitter trader added: “I think a drop to 59-61K followed by some consolidation will be the best way to continue the rally.”
“It may not happen, but it will be very beneficial for both BTC and the alternative dollar. Be prepared anyway.”
Financing rates on stock exchanges remained somewhat high – with the exception of Binance and Bybit – which also indicate the possibility of a possible price drop.
At the time of writing, BTC / USD is hovering below the $ 64,000 mark, dropping to $ 1,000 in a single hour light.
Big losses come for altcoins
A similar story has been observed in the altcoin markets, with Ether (ETH) corresponding to daily Bitcoin losses of around 2%.
About the topic: Analysts say that the price of bitcoin is temporarily falling, which indicates that bitcoin will soon reach 75,000 dollars.
Some of the top 10 cryptocurrencies by market value lost over 6%, including Solana (SOL) and Polkadot (DOT).
1-hour candlestick chart DOT / USD (Kraken). Source: TradingView
As such, the total market value of cryptocurrency has fallen below $ 3 trillion since the first hit earlier this week.