Bitop Market Analysis Bitcoin Dips to 66500 Ethereum Falls Below 2700 Is it a Healthy Correction or Trend Reversal

Coinjie.com reported:
After reaching a high of $69,546 yesterday morning, “selling pressure began to emerge” for Bitcoin. After falling below $67,000 last night, it briefly approached the $66,500 level around 8:30 am. It quickly pulled back after breaking the low point of October 17. At the time of writing, it is reported at $67,592, a decrease of 2.32% in the past 24 hours.
Currently, the upward trend of Bitcoin seems to have been interrupted. Whether this decline is a healthy correction or a main force selling off remains to be seen.
Ethereum, on the other hand, is weaker. After reaching a high of $2,769 yesterday, it continued to fluctuate and fall. At the time of writing, it is reported at $2,651, a decrease of 3.39% in the past 24 hours.
Over the past 24 hours, the total amount of liquidation in the entire network has exceeded $206 million, according to Coinglass data. Among them, the long positions accounted for $174 million, and over 63,000 people were liquidated.
Although the liquidation data has increased compared to yesterday, it is not too serious based on historical data. Investors still need to be cautious of potential volatility risks.
On the other hand, although the open positions of Bitcoin on exchanges have fallen from a new high of $40 billion, overall, it is still at a relatively high point. High leverage and positions make the market more likely to experience significant fluctuations, and investors should pay attention to the risks.
This article is written by the analyst team at Bitop Market Research and Analysis. The content is only for personal opinion sharing and does not constitute any investment advice. Analysis is time-sensitive and investment carries risks. Caution is advised when entering the market!