Hopes for ATH Rally Shattered as Bitcoin Price Plunges Below 67000

CoinWorld reports:
The price of Bitcoin worsened in Europe later on Monday. Sellers reappeared and took control, pushing the cryptocurrency below $67,000, a drop of about 2.5% in the past 24 hours.
This move resulted in a total liquidation amount of about $200 million in the derivatives market. In just the past four hours, leveraged positions worth nearly $70 million, most of which were long positions, disappeared from the market.
Source: Coinglass
This latest move has brought a lot of uncertainty to the market, with many wondering if the upward momentum that set new historical highs will pause.
Popular traders such as X user Emperor even suggested that the price could further drop to $62,000.
Bitcoin price updates
1. Testing the $66,000 level, we go higher. Hoping to see the price stay above the previous month’s high and continue upwards. My target of $69,000 has now been achieved, and I am expecting another drop.
2. I told you, most people will be scared to…
pic.twitter.com/1NwHonte72
– Emperor (@EmperorBTC)
October 21, 2024
Most markets are currently in a corrective phase, as shown in the chart below. It is worth noting that, at the time of writing this article, the decline is still relatively small.
Source: CoinMarketCap