Bitcoin Drops Below $27k As Bears Look To Push It Lower

TL;DR

• Bitcoin has lost more than 2% of its value in the last 24 hours as the bearish trend continues.

• BTC is trading around the $26,800 level, and bears could push it lower in the near term.

Bitcoin Dips Below $27k

Bitcoin, the world’s leading cryptocurrency by market cap, is having a rough time this week. BTC has lost more than 3% of its value since the start of the week and has now dropped below the $27k level.

Bitcoin shed more than 2% of its value late on Wednesday, with the bears breaking the $27k support level. BTC dropped to the $26,700 level following this latest bearish performance.

If the bearish trend continues, Bitcoin could retest the support level around the $25k region. 

Among the leading cryptocurrencies by market cap, XRP, Polkadot, and Litecoin are the worst performers. They are all down by more than 2% in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, outperformed Bitcoin, losing only 0.2% of its value. Despite that, ETH continues to trade below the $1,600 region.

The recent bearish performance has seen derivative traders who bet on higher prices record $50 million in liquidations on Wednesday. Bitcoin long traders lost $22.5 million, the second-highest reading so far in October. 

The broader cryptocurrency market continues to underperform, with the total crypto market cap down to $1.05 trillion.