Bitcoin, Ethereum, Dogecoin Plunge After Hitting Multi-Month Highs: Don’t Be Scared To Buy BTC Dips Between $62K-$63K, Says Analyst
Leading cryptocurrencies made a sharp U-turn Monday, mirroring the pullback in stocks, as the ‘Uptober’ rally takes a halt.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -3.28% | $66,950.69 |
| Ethereum (CRYPTO: ETH) |
-4.26% | $2,631.99 |
| Dogecoin (CRYPTO: DOGE) | -2.13% | $0.1421 |
What Happened: Bitcoin went downhill throughout the day, dipping to an intraday low of $66,580. The retracement occurred just one day after the leading cryptocurrency surpassed $69,000 for the first time since early June.
Ethereum saw a steeper decline, falling back into the $2,600 zone. On Sunday, the second-largest cryptocurrency hit its highest level since the first week of August.
Total cryptocurrency liquidations surged to $204 million in the last 24 hours, with over $174 million longs being wiped out.
Bitcoin’s Open Interest dropped by 2% in the last 24 hours, while Ethereum’s speculative market contracted by 3.75%.
The pullback triggered bearish sentiment as the number of traders shorting Bitcoin rose compared to those bullishly leveraged on the asset, as per the Long/Shorts Ratio.
That said, market sentiment remained in the “Greed” zone as of this writing, according to the Cryptocurrency …
About The Author
