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Here's why Bitcoin losing $6K in hours was good for BTC price action
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Bitcoin (BTC) traded just below $65,000 on Nov. 11 after an overnight correction cancelled out previous snap gains.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering after briefly dipping below $63,000 in fresh volatility.
The pair had moved up sharply on the back of U.S. inflation hitting its highest in 30 years, this combining with derivatives market reactions to produce uncertain price action.
With $69,000 now the all-time high, some were fearful, while seasoned market participants took the opportunity to poke fun at the weak hands.
"Why the BTC pullback from 68k? There was a massive increase in BTC margined futures open interest this afternoon (traders going long BTC with BTC as collateral)," analyst Dylan
Read more on cointelegraph.comAbout this in other media
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