Traders said that as the price of BTC falls, it will be “very healthy” for Bitcoin to reach $59,000


Bitcoin (Bitcoin) Fell below $64,000 on November 12, as its fall from a record high continues to be disturbing.

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

BTC: Consolidation becomes a downward trend

Data from Cointelegraph Markets Pro with Transaction view The liquid market conditions were captured on Friday, and the fluctuation range of BTC/USD was $2,000.

The couple spent the day before Horizontal tracking -Now showing signs of collapse.

However, for popular analysts, this BTC price trend is not only expected, but also welcome.

“In my opinion, some consolidation after falling to 59-61k will be the best way to continue the bull market,” Twitter trader Galaxy Add to.

“It may not happen, but it is very healthy for both $BTC and alts. Be prepared either way.”

Funding rate Except for Binance and Bybit, the exchanges still maintained small gains, further suggesting that there may be a potential price drop.

At the time of writing, BTC/USD fluctuated below the $64,000 mark and fell by $1,000 in an hour candle.

Altcoins face greater losses

The altcoin market has a similar story, Ethereum (Ethereum) Matches Bitcoin’s daily loss of approximately 2%.

related: Analysts stated that the price of Bitcoin is “temporary”, implying that BTC will soon rise to $75,000

Several of the top 10 cryptocurrencies by market capitalization have fallen by 6% or more, including high-flying Solana (SOL) and Polkadot (DOT).

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

As a result, the overall cryptocurrency market value fell below the $3 trillion level after hitting it for the first time earlier this week.