Bitcoin Experiences Sharp Correction... Traders Prepare to Test This Level. Bitcoin has dropped to its lowest levels in nearly seven weeks, continuing to distance itself from the record it set in mid-August.
The largest cryptocurrency fell by as much as 0.8% to record $108,719 during early Asian trading on Tuesday, before trimming some of its losses, while it fell below its 100-day moving average.
This decline came at a time when Ethereum gained momentum as the hot choice for digital asset traders, after it recorded a record level of $4,955 on Sunday. Although Ethereum has slightly retreated since the weekend, investors continue to bet that it will keep rising.