Bitcoin price falls below $67,000, putting hopes for ATH rally on hold

The price of Bitcoin took a turn for the worse on Monday evening in Europe. The sellers have re-emerged and established control, pushing the cryptocurrency below $67,000, losing around 2.5% in the last 24 hours.

The move has pushed total settlements in the derivatives market to about $200 million. In the last four hours alone, nearly $70 million in leveraged positions (most of them long) were wiped from the market.

Source: Coinglass

This latest move caused a lot of uncertainty in the market, with many wondering if the rally to a new all-time high is on hold.

Some popular traders, such as user X Emperor, even suggested that a further drop to $62,000 could be on the cards.

Bitcoin price update

1. Bottom test of the $66,000 level held and we went up. You want the price to hold above the previous month’s high to continue higher. My goal of $69,000 has now been reached and I am looking to extend the dips.

2. I told you that most people will be afraid to buy the bathroom in… pic.twitter.com/1NwHonte72

— Emperor (@EmperorBTC) October 21, 2024

Most of the market is currently in a correction state as it is clearly visible in the heat map below. It’s worth noting that declines remain relatively marginal at the time of writing.

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