Crypto Market Crash: Bitcoin (BTC) and Altcoins Bleed Heavily

The BTC price has crashed 4.11% and is currently trading at $69,320 levels as the Bitcoin options data shows a tough fight between the bulls and the bears.

The crypto market witnessed a significant downturn on Thursday, presenting a contrasting scenario to the broader Halloween festivities.

BTC price dropped 4.11% and currently trades at $69,320 levels, as Bitcoin options data highlighted a fierce battle between the bulls and the bears.

The BTC price crash was accompanied by a drop in active addresses, signaling reduced activity within the asset class.

Several crypto analysts provided varying perspectives on the price movement. IncomeSharks noted the possibility of a BTC price dip to $66,000 while maintaining a bullish outlook on the daily chart.

The analyst anticipates the lowest dip to be around $68,000 before encountering new support.

Meanwhile, Benjamin Cowen expressed caution, stating that it may be premature to celebrate BTC's recent surge above $72,000.

Cowen highlighted the proximity of BTC price to below $70,000 for the month of October, emphasizing the potential role of monetary policy in the upcoming period.

“Labor market data is tomorrow. Should be the deciding factor for cyclical view vs. monetary policy view of BTC for rest of Q4.

I think it should be apparent by the weekly close which is the most likely outcome”.

The crypto analyst also noted the market's struggle to break through the downward-sloping channel and the decline in the ALT/BTC pair.

Cowen reiterated his previous analysis, suggesting that if this marks the beginning of a larger correction, BTC dominance may continue to rise, potentially exceeding 60% in the coming period.

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