Bitcoin (BTC) later fell just below $ 63,000 on October 21 as a standard correction cooled the market.
Bitcoin is fighting for new support from Old Peak
Data from Cointelegraph Markets Pro and TradingView followed BTC / USD as it hit an all-time high of over $ 67,000 and hit a low of $ 62,860 on Bitstamp.
The roughly 6% decline from its high should come as little surprise to seasoned traders, although Bitcoin has not yet built solid support on the site of its previous all-time high of $ 64,900.
“Bitcoin is still going through this retest,” wrote the famous trader Rekt Capital in last updatesuggesting the old high may still turn into support.
Others have taken the opportunity to mock the nervousness on social media, where many users are chilling out while watching the retracement.
It was just a joke.
Most of them will be liquidated at a 5% discount so there shouldn’t be a problem after that.
– NebraskanGooner (@nebraskangooner) October 21, 2021
A return to nearly $ 60,000 levels, now at the top of a major buying wall, has now dampened over-optimism in the derivatives markets.
Funding rates soared overnight, as Cointelegraph reported, but are slowly returning to more sustainable levels as of press time.
The mood shows that “extreme greed” prevails among market participants, with the Crypto Fear & Greed Index at 84/100. The top scenarios in the past have involved 95/100 or higher.
Altcoins stable with Ethereum, Solana leads
Altcoins presented a mixed but thoroughly positive picture for the day.
Related: After Bitcoin’s all-time high, DeFi TVL hits a record high of over $ 233 billion
After widespread losses to BTC, large altcoins were exempted for their own, with Ether (ETH) still above $ 4,000. Solana (SOL) posted a daily gain of 12%.
Only Binance Coin (BNB) recorded a noticeable downward movement and traded 4% lower in the last 24 hours.
“The total capitalization of the altcoin market is about to hit September (and ATH) highs. Didn’t make it until mid-November in 2017, ”remarked TechDev analyst Note on the altcoin situation on Wednesday.