Bitcoin (BTC) plunged to two-week lows on Oct. 27 after hitting a high of $60,000.
Bitcoin bites into major buy wall
At the time of publishing, BTC/USD was hovering around $58,000, its lowest level since October 15.
Bitcoin has taken liquidity in a big support wall with $57,000 as its base, following numerous retests of $60,000.
As previously reported, analysts were already prepared, with some data indicating that a further drop to as low as $50,000 would still maintain the general bull trend.
Meanwhile, Charles Edwards, the CEO of investment firm Capriole, attributed the volatility to leveraged traders.
“Bitcoin looks amazing on most indicators right now”, he claimed, “but leverage traders have lost control”.
According to data, $500 million in cryptocurrencies was sold in one hour.
Altcoins lose big on trend reversal
On Wednesday, the cryptocurrency Ether (ETH) led a bleed. Falling below the $4,000 support line that it had worked so hard to establish.
Despite the market turnaround and a tumultuous month, Shiba Inu (SHIB) was still mainly in the black, up 23% on the day.