Bitcoin dropped $ 1K in five minutes to a new low of $ 60K

Bitcoin (BTC) fell sharply on October 27 as $ 60,000 finally hit a two-week low.

BTC / USD 1-hour candlestick chart (bitstamp). Source: Tradingview

Bitcoin bites into the main purchase wall

At the time of writing, data from Cointelegraph Markets Pro and TradingView is close to BTC / USD $ 58,000, the lowest since October 15.

The move follows multiple retests of $ 60,000, with Bitcoin now taking liquidity to a large support wall with $ 57,000 as its foundation.

Analysts, as reported by the Quintelegraph, were already ready, with some data suggesting that a deep dive below $ 50,000 would still protect the overall bullish trend.

Commenting on the situation, Charles Edwards, CEO of investment firm Capriol, blamed the leverage traders for spreading unrest.

“Basically Bitcoin looks incredible on most metrics here, but leverage traders are out of control,” he said. Argued.

“We won’t have a sustainable price increase until he changes.”

The data shows হতে 500 million being liquidated per hour across cryptocurrencies.

Altcoins at a large rate in trend reversal

Ether (ETH) led a bloodbath from altcoins on Wednesday, which fell below its hard-won 4,000 support line.

ETH / USD 1-hour candlestick chart (bitstamp). Source: Tradingview

Related: Broad Ecology and োল 1.86B Future Open Interest Return Solana’s $ 250 Goal

Several of the top ten cryptocurrencies, according to market cap, have suffered daily losses of more than 15%, including DOGEIN and Solana (SOL).

SHIB was still largely green, up 23% per day despite market changes and a wild month continuing.