Bitcoin price went down to fresh lows on the 18th of November, and the brief visit to its price level of $56,000 resulted in quite a sell-off in ETH and other coins. According to data received from TradingView and Cointelegraph Markets Pro, it was highlighted that support of $60,000 was breached in the early part of the trading session in the United States- which allowed market bears to take control over the market. Most analysts have been quite divided about the situation, with each analyst having a special take on their own.
Bitcoin drawdowns “will be relatively short-lived”
Delphi Digital recently put out a report on the initial sell-off of Bitcoin, which was driven primarily by a liquidations wave rather than a shift in its fundamental narrative- something that suggested that there was a possibility that the pullback would be relatively short-lived whilst potentially presenting quite an attractive point of entry for traders who were looking towards putting out more market exposure.
Delphi Digital also highlighted that although there was quite a major amount of deleveraging going across the crypto market over the last week, it definitely couldn’t prevent the increase in the overall liquidations through major exchanges which coincided with every sizable dip in the price of Bitcoin.
For the future of the cryptocurrency, the research firm has seen the possibility of a further dip to a sum of $55,000- if the surmounting pressure of selling would force the cryptocurrency below the price of $57,750.
Although some traders in the crypto market have been looking at the turn of events as the sign of the apocalypse, Pentoshi sees the move as a positive development because it would ensure that there was something in the market even now- with a bullish structure. Currently, the market cap of cryptocurrency stands at $2.508 trillion, with the dominance rate of Bitcoin at 43.4%.
