Trader Justin Bennett recalled that the rate of the first cryptocurrency fell by 13% from its all-time high of $ 69,000. According to him, a 20-30% correction is considered normal for the digital asset market.
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Trader Justin Bennett claims that Bitcoin is now in a "sticky zone", since it is trading near the support level of $ 60 thousand. If this mark is broken, then the rate of the first cryptocurrency will drop to $ 55 thousand, the analyst is sure. The nearest resistance level is in the region of $ 63.3 thousand, Bennett says.
The trader also noted that the price of bitcoin dropped by 13% from its all-time high of $ 69 thousand, but many market participants are already in a panic. Bennett added that a 20-30% correction is normal for Bitcoin and the entire cryptocurrency market.
On November 16, the bitcoin rate fell to a two-week local minimum of $ 58.5 thousand. Because of this, traders' positions worth more than $ 800 million were massively liquidated.At 10:40 Moscow time on November 17, bitcoin is traded at $ 59.6 thousand.
The decline in quotations may be due to the introduction of new reporting rules for crypto brokers and operators in the United States. On November 16, US President Joe Biden signed into law a law requiring digital asset organizations to report transactions over $ 10,000 to the IRS.