Regarding Bitcoin ETFs, PRoshares Bitcoin Strategy falls 5.1% and trades US $ 38.03, while Valkyrie Bitcoin Strategy, falls 4.9% and trades US $ 23.43.
For the first time since October 15, Bitcoin fell below $ 60,000. The holders of the first cryptocurrency had experienced days of euphoria last week when Bitcoin surpassed its historical maximum price for the first time since April, lsetting a new record of $ 67,200 on October 20. However, traders anticipated a correction that would lead the cryptocurrency to test support levels below $ 60,000.
There are analysts who attribute this drop to the great leverage used by traders in the market. Charles Edwards of Capriole Investments stated that price growth would not be sustainable if leverage levels remained so high. However, think that the rest of the metrics remain healthy.
Despite the fall, Bitcoin remains in eighth place in the select group of billionaire assets, surpassing the market capitalization of companies like Tesla and Facebook. The price would have to fall below $ 54,000 to lose the position.
“Bitcoin is relatively flat, having rebounded strongly earlier in the week,” said Craig Erlam, an analyst at Oanda.
“Despite a brief drop below $ 60,000 over the weekend (repeating this Wednesday), it clung to that psychologically important support level and is now comfortably above it, leading us to wonder when we will see another run to the all-time highs, “he added to add that” there has been a lot of positive momentum in the market recently. and there is certainly no shortage of crypto holders right now. “
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