Cryptocurrency Markets Are Trading Down as Bitcoin Fights to Stay Above the $70,000 Level

Notable Statistics: Notable Developments: Top Gainers: Trader Notes: Trader HornHairs pointed out that a similar sell-off took place before the 2016 and 2020 elections

Cryptocurrency markets are experiencing a downturn on Monday evening, as Bitcoin fights to remain above the crucial $70,000 level.

After notching a new all-time high of $72,800 on Monday morning, BTC fell sharply and was recently changing hands at a price of about $70,200.

The world’s largest cryptocurrency by market cap is still up more than 200% year-to-date.

Top Gainers:

Several other major cryptocurrencies experienced gains on Monday evening. Among the top performers were XRP, which was recently surging over 11%.

Other gainers included LINK, MATIC and ADA, which were recently trading up between 4% and 7%.

Among the worst performers were TRX, which was recently down about 3%, and XMR, which was recently slipping around 2%.

Trader Notes: Several crypto traders on Twitter offered their thoughts on Bitcoin’s price action on Monday and what it could mean for the market in the coming days.

Popular crypto trader HornHairs pointed out that a similar sell-off took place before the 2016 and 2020 elections but cautioned his followers not to succumb to the short-term urge to sell.

“Derisking into the election 5-6 days before it takes place happened in both 2020 and 2016,” HornHairs wrote. “Price then went on to never retest the lows set the week before the election ever again. Be careful what you sell here.”

Another widely followed crypto trader, CryptoKaleo, highlighted another similarity between the 2024 and 2020 chart patterns.

In 2020, Bitcoin did not immediately ‘rip’ after breaking its all-time high and a similar pattern may be playing out now, CryptoKaleo said.

“After breaking all-time highs in 2020, price didn’t rip immediately,” CryptoKaleo wrote. “It sold off for a month before continuing. We may be seeing a fractal of this now.”

Trader Altcoin Sherpa marked the next potential support areas if Bitcoin were to fall below the $70,000 level.

“Next areas up if this current region doesn’t hold,” Altcoin Sherpa wrote. “Think we should see some sort of bounce around here though, at least short term.”

What’s Next: The influence of Bitcoin as an institutional asset class will be among the topics covered at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.