Bitcoin (BTC) collapsed on October 27 as $ 60,000 finally gave way to a two-week low.

Bitcoin starts getting into Big Buy Wallet

Data from Cointelegraph Markets Pro and TradingView show BTC / USD is approaching $ 58,000 at press time, its lowest level since October 15.

The move follows several re-tests of $ 60,000, with Bitcoin currently basing liquidity within a large support wall of $ 57,000.

Analysts are preparing, as Cointelegraph reported, with some data suggesting that a deeper drop below $ 50,000 will sustain the general uptrend.

#Bitcoin failed to break the $ 63.6k and test the other side of the range.

Might fall again if $ 61.6k is unbreakable and then I’ll look at the next $ 58k. pic.twitter.com/HIsvhE5ZlZ

– Michaël van de Poppe (@CryptoMichNL) October 27, 2021

Charles Edwards, CEO of investment firm Capriole, meanwhile, commented on the situation, blaming leveraged traders for triggering the volatility.

“Basically, Bitcoin looks amazing here on most of the metrics, but leveraged traders are getting out of hand,” he said. To discuss.

“We won’t be able to make sustainable progress until that changes.”

The data shows that $ 500 million will be liquidated on crypto in a single hour.

Altcoins lose a lot on trend reversals

Ether (ETH) led the decline in altcoins on Wednesday, falling below its hard-won $ 4,000 support.

Related: Expanding Ecosystem and $ 1.86 Billion Open Interest Futures back to Solana’s $ 250 target

Some of the top ten cryptocurrencies by market capitalization have suffered daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).

Shiba Inu (SHIB) stayed largely in the green, up 23% for the day, despite the market turning and continuing a wild month.

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