Bitcoin Nears $64,000 as Drawdown Tops 24%
Bitcoin trades near $64,000 as the market slide deepens following the November break below $72,000.
Bitcoin traded near the $64,000 level as the ongoing market drawdown from its October high topped 24%, according to TheDefiant. The downward slide has intensified since the break below $72,000 on November 12.
Market Slide Deepens
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Market participants continue to monitor the broader selloff following the loss of key psychological levels in mid-November.
Potential Scenarios
While comparisons to historical events such as a SpaceX initial public offering provide a bullish scenario for broader market risk appetite, they do not offer concrete proof that current selling pressure is nearing exhaustion, according to TheDefiant.
Key facts
- Bitcoin traded near $64,000.
- The drawdown from the October high exceeded 24%.
- Downward momentum accelerated following the November 12 break below $72,000.
Source: thedefiant.io
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