Leverage Wipeout? Why Bitcoin Dropped 5% And Could Re-Test Low Levels

Bitcoin has chosen violence with a sudden move to the downside resulting in a 5% loss in the daily chart. As of press time, the first crypto by market cap seems to be recovering as it moves back to the mid-zone of its current levels.

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Bitcoin trades at $65,442 still with a 3.6% profit in the daily chart. In the short term, BTC’s price has found support at these levels, but could see further downside if it dropps below $63,000.

BTC trends downwards in the daily chart. Source: BTCUSD Tradingview

To the upside, much of the resistance has disappeared and BTC seems poised to, at least, attempt to take the high area near its next all-time high, $70,000. Above those levels, data from Material Indicators …

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