The price of Bitcoin, the leading cryptocurrency, slipped to the $67,000 level earlier today, reaching an intraday low of $67,962, according to data provided by CoinGecko.
At press time, the top cryptocurrency is down by 2.7% over the past 24 hours.
The flagship cryptocurrency added roughly 11% in "Uptober," which ended up being an unsurprising bullish month for the leading cryptocurrency.
Now, the ball appears to be back in the bears' court, with November having a rather rough start.
Due to Bitcoin's price plunge, more than $200 million worth of long positions ended up being wiped out over the past 24 hours, according to data provided by CoinGlass.
As noted by popular Bitcoin analyst Dave the Wave, the excitement was "curiously absent" from the cryptocurrency market despite the fact that the leading cryptocurrency came close to a new record high earlier this week.
Despite the recent weakness, popular media trader HornHairs says that Bitcoin remains bullish across various time frames (a month and a week).
"As long as we stay above the previous consolidation, not closing anything significant below $65k, I am bullish," he said in response to the most recent Bitcoin price drop.
The chartist expects Bitcoin to continue making a series of higher highs and higher lows.
Altcoins show renewed weakness
Due to how interconnected the cryptocurrency market is, altcoins also plunged in tandem with Bitcoin.
According to the 100eyes Crypto Scanner service, Ethereum (ETH), the chief alternative cryptocurrency, recently dipped to critical support at the $2,450 level. It is currently down 1.8%.
Other major altcoins, such as BNB and Solana (SOL), are also in the red. Meme coin Dogecoin (DOGE) is the biggest laggard with a 5.1% price drop.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin