- Bitcoin’s November retreat after “Uptober” hints at traders taking profits amid cooling market sentiment.
- Liquidations and declining trading volumes are affecting Bitcoin’s current trajectory.
- Despite short-term fluctuations, institutional interest and a positive long-term outlook keep Bitcoin’s future bullish.
After riding the wave of “Uptober,” Bitcoin is facing a reality check as November ushers in a cooler market climate. Despite the euphoric 27.9% leap the previous month, Bitcoin has seen a modest retreat, shedding 3% in a day’s trade. Traders, buoyed by the recent halt in interest rate hikes, are exiting their positions, perhaps looking to cash out some gains from the rally.
Liquidity and Profit-Taking
After an eventful October marked by significant price movements that led to Bitcoin reaching its highest point of the year, a different trend is emerging in the subsequent period. As November begins, long Bitcoin positions are facing the heat, with over $21.1 million liquidated in just half a day on the 2nd. This shift has clipped Bitcoin’s wings, with trading volumes declining significantly from the $14.7 billion peak late last month.
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