Bitcoin has chosen violence with a sudden move to the downside resulting in a 5% loss in the daily chart. As of press time, the first crypto by market cap seems to be recovering as it moves back to the mid-zone of its current levels. Related Reading | Bitcoin Maximalism – Crypto Survivors and OG’s Could Make a Case to Differ Bitcoin trades at $65,442 still with a 3.6% profit in the daily chart. In the short term, BTC’s price has found support at these levels, but could see further downside if it dropps below $63,000. To the upside, much of the resistance has disappeared and BTC seems poised to, at least, attempt to take the high area near its next all-time high, $70,000. Above those levels, data from Material Indicators still records $62 million in potential ask orders around those levels. In the derivatives sector, Bitcoin’s flash crash resulted in some leverage positions being wipe-out. As seen below, the leverage ratio across exchanges took a dive after seeing an explosion in mid-October. These levels are still much higher than it May, 2021, when Bitcoin saw one of its most severe corrections crashing from its previous all-time high to the yearly open, near $29,000. Thus, as more traders turn bullish on BTC’s price recording more gains, the leverage ratio could increase. This leaves the market open for sudden moves as liquidation cascades forces the price to trend to the levels where most operators would sell, willingl...
