By
Temitope Olatunji
April 26th, 2024
The Bitcoin price dip took almost half of the crypto market along the ride as several of the top ten cryptocurrencies also recorded daily losses of over 15%.
Bitcoin price suffered a 7% dip in five minutes, falling to $58,000 on the latter stages of October 26, signaling two-weeks lows. Bitcoin price in the early stages of October 27, however, rebounded, gaining a 1.4% rise, pushing its price to $61,400 before dropping again to $58,000 after sellers failed to break the support level near $59,800.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s $58,000 in the latter stages of October 27, was its lowest since October 15. Bitcoin at press time was trading at $59,018 and looks to regain poise as it is ready to retest the $60K mark after taking liquidity in a large support wall with $57,000 as its base.
Analysts, however, have predicted a deeper drop to as low as $50,000 should the price fails to break the next resistance which is seen at $63,700. Data also showed over $500 million being liquidated in an hour across the cryptocurrency scenes after Bitcoin’s dip as sellers failed to break the support level near $59,800 and confirm a head-and-shoulders (H&S) breakdown on the 4-hour chart. A break above the next resistance level could however propel the digital coin to record-breaking heights.
Charles Edwards, CEO of investment firm Capriole, attributed the latest Bitcoin price dip to leveraged traders for sparking the volatility. “Basically Bitcoin looks incredible here on most metrics, but leverage traders have gone out of control,” he stated. “We won’t get sustainable price rises until that changes,” he added.
Just like most times, the Bitcoin price dip took almost half of the crypto market along the ride as several of the top ten cryptocurrencies by market cap also recorded daily losses of over 15%. Ether (ETH) led the altcoins ‘red’ as it fell below its $4,000 support line, trading at $3,900 in the latter stages of October October 26. Dogecoin (DOGE) and Solana (SOL) also suffered considerable losses.
Shiba Inu (SHIB), was amongst the few coins that saw greens as it went up 23% on the day despite the market turnaround and continues its impressive form this month.
Robinhood’s stock dropped 10% in premarket trading after the trading platform missed revenue projections due to a drop in cryptocurrency revenue from a record high in the second quarter. According to Coindesk, Robinhood’s crypto revenues plummeted to $51 million in the third quarter, down from a record $233 million in the second quarter.
Robinhood added that lesser crypto trading activity resulted in significantly fewer new accounts and lower revenue.