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Breaking: Bitcoin Drops Below $60,000 First Time in Two Weeks

Tue, 11/16/2021 - 10:41
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Arman Shirinyan
Bitcoin is losing its value following the global cryptocurrency market correction
Breaking: Bitcoin Drops Below $60,000 First Time in Two Weeks
Cover image via U.Today

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Bitcoin had a rough start this week and is now trading below $60,000. Since the beginning of November, 24-hour liquidations have reached $600 million.

Bitcoin has dropped through the strong $60,000 support with the opening of a new hourly candle. After going through the support, it also immediately lost another $900 of its value, totaling a 7.3% daily loss.

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At press time, Bitcoin is continuously testing the $59,000 support while hitting a new daily low of $58,368. Previously, traders were cautious about Bitcoin breaking the previously untouchable support of $60,000.

Highly leveraged positions have already been liquidated from the market totaling approximately $600 million in losses for bulls.

Altcoins like Ethereum, Cardano and Doge are losing 10% on average while reaching new local lows.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.