In October, Bitcoin (BTC) briefly fell below $63,000 as a record correction cooled the market.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Bitcoin is fighting for new support at an old peak
Follow Cointelegraph Markets Pro and TradingView data as BTC/USD jumped from all-time highs above $67,000 to $62,860 on Bitstamp.
The drop of about 6% from the top comes as no surprise to seasoned traders, despite the fact that Bitcoin has so far failed to build a strong support instead of its previous all-time high at $64,900.
“Bitcoin is still undergoing this retest attempt,” famous trader Rekt Capital wrote in his latest update, noting that the old rally could continue to support.
Others took the opportunity to joke about the nervous mood on social media, as many users lost patience when they saw the retreat.
Meanwhile, the return of about $60,000, which is now the top of a large buying wall, is removing excessive optimism in the derivatives markets.
As Cointelegraph reported, funding rates rose sharply overnight, but at the time of writing, they have gradually returned to more robust levels.
The mood of market participants showed the prevailing “extreme greed”: the Crypto Fear & Greed Index was 84/100. Extreme historical scenarios included 95/100 or higher.
Crypto Fear and Greed Index as of October 21 Source: Alternative.
Altcoins settle with Ether, the leader of SOL
Altcoins showed a mixed, but generally more positive picture for the day.
On the topic: After Bitcoin’s all-time high, DeFi TVL has reached an all-time high of over $233 billion.
After a massive loss for Bitcoin, all of the big coins are reversing their dive, with Ether (ETH) staying above $4,000. Solana has increased by more than 25% in the past two days.
Only Binance Coin (BNB) has shown a noticeable downward movement, with trading down 4% in the past 24 hours.
TechDev, a well-known analyst on the situation with altcoins, noted on October 20 that “the total market capitalization of altcoins is close to the September high (note). I didn’t do that in 2017 until mid-November.”
– Can indicate serious total damage faster than expected. I will follow closely. Ethereum is not playing around this course. “