After hitting an all-time high of $89,824, Bitcoin (BTC) has plunged back down to the $87,000 mark. As a repercussion of this dip, the odds of Bitcoin reaching $90,000 have dropped to 86%.
Bitcoin peaked at $89,824 in the early hours of November 13; however, it could not sustain the high and began to dip, going as low as $87,706. This decline reflects high selling pressure among traders. At the time of writing, Bitcoin is trading at $87,867, down 0.08% in the past day. Its market cap has also decreased by 0.62%, currently standing at $1.75 trillion. The 24-hour trading volume has shrunk by 0.58% to $126.45 billion.
According to CompaniesMarketCap.com, silver has overtaken Bitcoin to regain its spot as the 8th largest asset.
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The dip has also influenced bettors on the market prediction platform Polymarket to change their views. The trending question on Polymarket, “What price will Bitcoin (BTC) hit in November?” now shows the odds of Bitcoin reaching $90,000 have dropped to 86%, down from yesterday’s 95%. Currently, 64% of bets are on Bitcoin reaching $95,000 in November, while 25% are on BTC hitting $105,000.
Given Bitcoin’s rally since yesterday, it was expected that the cryptocurrency would soon reach $90K. However, traders saw this as an opportunity to sell, resulting in the dip.
Additionally, in the Exchange Traded Funds (ETF) market, BTC ETFs saw an overall inflow of $39.26 million. However, the Grayscale Bitcoin ETF (GBTC) witnessed an outflow of $17.79 million, and ARK & 21Shares (ARKB) saw an outflow of $5.36 million.
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