Bitcoin, which has been on the rise for a while and struggling to stay above $ 60,000, fell to $ 58100 with the effect of the sales today.
Although there is no bad news that could trigger the decline, we see that this dump is related to the dynamics of the market itself.
After Bitcoin broke the ATH level, the greed in the market increased and the leverage ratios increased along with the number of leveraged positions in the futures markets. We think the last dump is about penalizing leveraged players.
Because when we look at the liquidation levels, we see that a position of 500 million dollars was liquidated in the last 1 hour. It is also noteworthy that most of the positions are on Ethereum.
We maintain our bullish expectation for Bitcoin. Because we were waiting for this cleaning to be done before the real ascension.
In our analysis we published yesterday, we stated that a dump above 20% may come before the parabolic rise and this would be a bear trap. Drops up to $52800 would not surprise us.
Having the month close above $59,000 will greatly contribute to a green November. We think that the fluctuations in this process are a partial buying opportunity for investors waiting for cash.
Our staggered supports in Bitcoin are: $58800, $57500, $55300 and $52800.
For short-term investors, if the close is below $59800, $51700 may be our bottom zone.
*Not Investment Advice.