Ethereum slips below $4,000 as an anticipated correction suddenly takes hold of crypto markets.
Bitcoin bites into major buy wall
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $58,000 at the time of writing, hitting its lowest since Oct. 15.
The move follows multiple retests of $60,000, with Bitcoin now taking liquidity in a large support wall with $57,000 as its base.
Analysts, as Cointelegraph reported, were already prepared, with some data suggesting a deeper dive to a low as $50,000 would still preserve the overall bull trend
Commenting on the situation meanwhile, Charles Edwards, CEO of investment firm Capriole, blamed leveraged traders for sparking the volatility.
“Basically Bitcoin looks incredible here on most metrics, but leverage traders have gone out of control,” he argued.
“We won’t get sustainable price rises until that changes.”
Data showed $500 million being liquidated in a single hour across cryptocurrency.
Altcoins lose big on trend reversal
Ether (ETH) led a bleed from altcoins Wednesday, falling below its hard-won $4,000 support line.
Several of the top 10 cryptocurrencies by market capitalization saw daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).