In the case of falling financing rates, Bitcoin fell 6% in the fight for the highest support in history


Bitcoin (Bitcoin) It briefly fell below $63,000 later on October 21, as the market was cooled by standard adjustments.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin seeks new support during the old peak

Data from Cointelegraph Markets Pro with Transaction view Immediately after Bitcoin/USD, it fell from an all-time high of over $67,000 to a low of $62,860 on Bitstamp.

Although Bitcoin has so far failed to create solid support at its previous all-time high of $64,900, a drop of about 6% from the peak is not surprising to experienced traders.

“Bitcoin is still undergoing this retesting attempt,” popular trader Rekt Capital wrote in his article. the latest update, Indicating that the old high can still be flipped to the support level.

Others took the opportunity to make fun of the nervousness on social media, where various users felt cold when observing the retracement.

The return to nearly $60,000 is now the top of a large buying wall, while helping to eliminate excessive optimism in the derivatives market.

As Cointelegraph Report, Funding rates soared overnight, but are slowly returning to more sustainable levels at the time of writing.

The emotions of market participants showed a general “extreme greed”, Crypto Fear and Greed Index At 84/100. The highest historical scenario involves 95/100 or higher.

Crypto Fear and Greed Index as of October 21. Source: Alternative.me

Altcoins Ethereum is stable, Solana leads

Altcoins showed a mixed picture that day but overall a more positive picture.

related: Following Bitcoin’s record high, DeFi TVL hit a record high of over $233B

After the defeat against BTC, the main altcoin survived, Ethereum (Ethereum) Is still above $4,000. Solana (Sol) get More than 25% in the past two days.

Only Binance Coin (Bitcoin) Seeing any obvious downward trend, it has fallen by 4% in the past 24 hours.

“The total market value of altcoins is close to hitting the September high (and ATH). It wasn’t until mid-November that this was done in 2017,” noted analyst TechDev famous Regarding the altcoin situation on Wednesday.

“Some serious alt operation signals may be issued earlier than expected. Will pay close attention. Ethereum will not play a role in this cycle.”

ETH/USD 1-hour candlestick chart (Kraken). Source: TradingView