Bitcoin Concluded Its Worst Day Since September: Price Analysis

Bitcoin concluded its worst day since September with its price crashing over $10K in the past 24-hours as we read further in our latest Bitcoin news today.

The last day was quite troublesome for the entire crypto market and the bears had the upper hand. While the argument can be made that this is only a correction so far and failed to damage the long-term market structure, it can be that Bitcoin concluded its worst day since September. Yesterday, the bears took full control over the market which resulted in the worst daily candle Bitcoin had when the price dropped from $52K all the way to $42K.

This time however the damage was not as serious but BTC did open at around $59K and closed below $54K charting a loss with the analysts speculate that the reasons for the drop could seem to be an overleveraged long position that cascaded into a spree of liquidations. At one point, the liquidations amounted to over $300 million in an hour so in any case, the market recovered a bit and the price now rests above $55,000 while its dominance hovers below 42%.

While on the 24-hour log, most of the altcoins are now painted in green but if we see the situation in a 30-hour span, the situation looks totally different. Etheruem’s price dropped below $4K while Solana, BNB, and ADA all made some strogn declines. However, since the dump, they are all recovering and the confidence seems to be resuming in the market. At the time of writing, the biggest gainers from the past day were ENS with a rise of 23%, CRO with 14.6% gain despite being below $1 three days ago. On the other hand, those that lost were BAT with 7.3% and OHM with 7.1% declines.

As recently reported, Basic Attention Token hits a new all-time high being up 9.9% at press time, and reached $1.81 earlier this morning. BAT is the native cryptocurrency for the privacy-centric web browser Brave so instead of tracking the users’ behavior and showing ads, Brave allows users to earn the BAT token for seeing ads voluntarily. They can also block all ads but will not earn any rewards for doing so. The coin was launched in 2017 in an initial coin offering which earned the company $35 million.