Bitcoin crashed: what to expect next?
Bitcoin Falls On Tuesday After Five-Day Sideways Consolidation
Nov 17, 2021
1 min read
Anna BakkerNews analyzer

Since Monday's highs, the first cryptocurrency has lost about 10%.

Bitcoin lost more than 5% on Tuesday, falling to $ 58.5K in the short term, but has managed to hold above $ 60K for now. This is the maximum drop in almost two months.

The top ten cryptocurrencies fell from 6.2% (Solana) to 8.4% (Polkadot). The capitalization of the entire crypto market fell by almost 6% on the day to $ 2.76 billion.

According to the Coinglass service, as a result of the collapse of quotations over the past 24 hours, positions of 203.9 thousand crypto traders worth more than $ 808 million were liquidated, RBC writes.

The decline in quotations may be due to the introduction of new reporting rules for crypto brokers and operators in the United States. On November 16, US President Joe Biden signed into law a law requiring digital asset organizations to report transactions over $ 10,000 to the IRS.

News from China also negatively affected the cryptocurrency market, where they once again announced the fight against cryptocurrencies. China's National Development and Reform Commission (NDRC) said the authorities will continue to fight illegal cryptocurrency mining at state-owned enterprises.

The cryptocurrency market will face a difficult week or even a month. So far, there are no prerequisites for a change in the local trend towards growth: the expectations of private investors are still quite positive, so large players can continue to attack the market and reduce the bitcoin rate even lower.

According to CFO Ned Segal, investing Twitter's cash reserves in bitcoin "doesn't make sense right now." According to him, the social network prefers to store less volatile instruments, for example, securities.

An unknown whale, the owner of the third largest bitcoin wallet, bought 207 BTC on Tuesday as the coin dropped to $ 62,000, writes forklog. The current aggregate balance of the address is 108,528 BTC. Potential wallet owners include Mark Zuckerberg, the founders of the Gemini bitcoin exchange, the Winklevoss brothers and Elon Musk.

Allianz chief economist Mohamed El-Erian said that he is ready to buy the first cryptocurrency again, but only when some of the speculators leave the market. He previously bought BTC but sold coins at the end of 2020 when Bitcoin returned to the $ 19,000 level.

Popular trader Peter Brandt believes that BTC could correct another 10% from current levels. In this regard, he expects to buy BTC at $ 53,000, expecting ETH to also fall another 8% to $ 4,000.

According to cryptanalyst TechDev, who tweeted to his 183,600 followers, the technical picture in BTC resembles the structure of late 2020, when Bitcoin consolidated below $ 20,000 and then skyrocketed to $ 64,000.

"The 50-day moving average and 61.8% retracement level of the end-September gains are concentrated in the $ 57.50-59k region. If Bitcoin does not receive strong buyer's support in this area, the path to $ 52k may be open." - warns the team of analysts GravityPlus.

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