Bitcoin (BTC) traded below $65,000 on Nov 11 following an overnight correction that negated previous snap gains.

Weeding Out Traders

Data from TradingView and Cointelegraph Markets Pro revealed BTC/USD recouping after briefly dropping below $63,000 in new volatility.

The pair increased after the US inflation report was released showing rates not seen in 30 years. This, along with derivatives market responses, generated unpredictable price action.

With $69,000 being the all-time high, some were afraid. Other more experienced market traders took the opportunity to poke some fun at the weak hands.

Using a chart from Glassnode, Dylan LeClair explained:

“Why the BTC pullback from 68k? This afternoon, there was a massive increase in BTC margined futures open interest (traders going long BTC with BTC as collateral). No free lunch — these investors are in the process of being shaken out.”

Bitcoin’s upcoming Taproot soft fork may be a reason to remain bullish and discard short-term cost moves. Taproot will cause a host of protocol improvements to Bitcoin. These will far surpass any changes since the intro of Segregated Witness (SegWit) transaction technology.

Ether Remains Firm

As seen before, altcoins took a hit as Bitcoin sharply decreased, erasing returns that had outshined BTC/USD.

Ether (ETH) was the most unchanged of the day. The coin decreased a mere 0.6% and remained a stone’s throw away from a new all-time high.

Others fared somewhat worse. The top ten cryptocurrencies experienced roughly 4% daily losses by market capitalization.

Michaël van de Poppe said the following in his most recent YouTube video:

“Crucial at this moment: Bitcoin. Where are we going to breakthrough? If we break through that area around $67,000, I think we’re going to continue the bull cycle, and we’re ready for new all-time highs to be hit.”

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