Traders are not bothered by the massive correction on cryptocurrencies, with a price drop of Bitcoin below $57,000 on November 19 seen as an attractive buy opportunity for hodlers.
Other altcoins also fell, with Ethereum hovering around and slightly below $4,000 as the bearish sentiment lingered.
Crypto research Delphi Digital attributes the recent drop in cryptocurrencies to a wave of liquidations rather than fundamental aspects. The research expects pullbacks as traders re-enter the market.
Delphi points out that despite the massive drawdowns in cryptocurrencies, there was a rise in exchange outflows which means that traders are unperturbed and could push the prices up.
Whereas the analysts do not object to a potential further drop on the cryptocurrencies, they allude that more corrections are likely to sweeten the entry points for buyers as the tokens remain on a bullish market.
BTCUSD is up +0.04%, ETHUSD is up +3.69%.
