Bitcoin hits $ 59,000 and will be “extremely good” for traders if the BTC price drops

Bitcoin (BTC) fell below $ 64,000 on Nov. 12 as the decline from new all-time highs continues to be staggering.

BTC: Consolidation Going Down

Data from Cointelegraph Markets Pro and TradingView captured volatile market conditions on Friday, with BTC / USD operating in the $ 2,000 range.

The pair spent the previous day tracking sideways movement, the behavior of which is now showing signs of rupture.

For popular analysts, however, such a BTC price action is not only expected, but welcomed.

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– Willy Woo (@woonomic) November 12, 2021

“A decline to 59-61,000 followed by some consolidation would be the best way to continue the bull cycle in my opinion,” said Twitter retailer Galaxy Galaxy Add.

“Probably not, but it will be extremely good for both $ BTC and alts. Be prepared somehow. “

Funding rates on the exchanges – with the exception of Binance and Bybit – are still up slightly, which further suggests that a potential price decline could be on the horizon.

At the time of writing, BTC / USD is hovering below the $ 64,000 mark, losing $ 1,000 in an hourly candle.

Altcoins show larger losses

The situation is similar with the altcoin markets, with ether (ETH) equating to Bitcoin’s daily loss of around 2%.

Related: Analysts Say Bitcoin Price “Fatal Drop”, Suggests BTC Will Hit $ 75,000 Soon

Several of the top ten cryptocurrencies by market cap have fallen more than 6% or more, including Solana (SOL) and Polkadot (DOT).

Total crypto market cap has therefore fallen below the $ 3 trillion mark, having first hit it earlier this week.