A crypto correction starting in the later hours of October 21 sent down token prices in the market, but a deeper crash could likely not happen.
A crypto correction has brought about a halt to the rally in the market. Although the crypto dip wasn’t as robust, Bitcoin’s price levels have still stooped to $67,000. The reason for the crypto dip could be the sharp sell-offs that ensued in the market on October 21. However, bulls were quick to influence the market’s price action and slow down the dip.
As of October 22, most tokens in the crypto market were in the red with minor corrections. ETH went down by around 3%, while SOL, XRP, ADA, AVAX, and others also witnessed losses.
Meanwhile, the crypto dip wasn’t able to dampen investor sentiments. Experts and analysts were quick to even predict big price targets for BTC, with some even predicting prices as high as $250,000. Thus, the long-term prospects of the market haven’t seen any disruptions despite the correction.
At the current juncture, BTC might see another round of sell-offs till investors and traders start buying again. According to BTC’s present price action, indicators hint at a decline to $65,000, after which it could go up again. If Bitcoin holds its price range above $60,000, bearish pressures might not stay longer. In fact, BTC could also rally to $70,000 this month and attempt a price breakout again.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,000 on October 22, 2024, with BTC/USD trading lower by a margin of around 2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is higher than its 20-day EMA (around 64,000), as BTC’s 24-hour volume was at approximately $36 billion. The global crypto market cap decreased by around 1%, trading above $2.3 trillion. BTC’s year-to-date returns are above 60%.
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