On the night of Saturday, October 26, the quotes of the first cryptocurrency temporarily fell below the level of $66,000.
At the time of writing, Bitcoin is trading above $67,100. According to CoinGecko, the digital gold has lost 0.7% in 24 hours. The asset’s capitalization is more than $1.3 trillion.
The probable reason for the temporary correction in the cryptocurrency market was Israel's attack on Iran.
All digital assets from the top 10 by capitalization moved into the "red zone" following Bitcoin. Solana (-3.4%) and Dogecoin (-3.3%) lost the most over the day.
The total capitalization of the digital asset market is $2.38 trillion. The Bitcoin dominance index is 59.4%.
According to Coinglass, the total volume of liquidated positions in one day was $391 million, of which $321 million was long.
On Monday, October 21, the first cryptocurrency tested the $69,000 level. A week before, the asset was trading below $60,000.
Recall that Bernstein analysts repeated their forecast of Bitcoin at $200,000 by the end of 2025 and called it "conservative". They noted the investment attractiveness of the first cryptocurrency against the backdrop of the growth of the US national debt and the threat of inflation.
Standard Chartered's head of digital asset research Jeff Kendrick said Bitcoin will renew its all-time high above $73,000 amid the US elections. He believes this could happen on November 5.
Hashkey Capital analysts emphasized that for the altcoin season to begin, it is not enough for digital gold to simply exceed its historical maximum. According to their estimates, Bitcoin must reach $76,000-108,000 for this to happen.
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