For the first time since October 15, Bitcoin fell below $ 60,000. The holders of the first cryptocurrency had experienced holidays last week when Bitcoin surpassed its historical maximum price for the first time since April, reaching a new record of 67,200 on October 20. All in all, traders were already anticipating a correction that would lead the cryptocurrency to test support levels below $ 60,000.
A few days after having exceeded the historical maximum, already various traders they announced that bitcoin I had to keep the support from USD 62,000 to not fall to USD 58,000. However, it appears that the sell orders outpaced the buy ones, sending the cryptocurrency to test demand at the current price.
At USD 58,000 the rebound was immediate, positioning the cryptocurrency at USD 59,233 at the time of writing, which shows that there is strong demand in that price zone.
There are analysts who attribute this drop to the great leverage used by traders in the market. Charles Edwards of Capriole Investments stated that price growth it would not be sustainable if leverage levels were still that high. However, think that the rest of the metrics remain healthy.
Despite the fall, Bitcoin remains in eighth place in the select group of billionaire assets, outperforming market capitalization from companies like Tesla and Facebook. The price would have to fall below $ 54,000 to lose that position.
Bitcoin recently broke its all-time high following news about the approval of the first Bitcoin Futures Exchange Traded Funds in the United States. After eight years of long waiting, there are already three public funds of this type in the North American country, belonging to the companies ProShares, Valkyrie and VanEck. The potential approval of a spot ETF could serve as a new catalyst for the price of bitcoin to resume its bullish momentum in the last quarter of the year, which has historically tended to rise.