Bitcoin Slumps from 11-Week High as Crypto Market Goes Into Correction
After peaking at a new 11-week high at $42,600 on Sunday, Bitcoin (BTC) appears to be in a sharp correction mode as the cryptocurrency falls to the mid-38k area. As expected, the rest of the crypto market acted similarly, which dragged the valuation of the total crypto market lower. The benchmark cryptocurrency now trades down by -9% from its recent high.
Nonetheless, BTC is up by over $9k from its recent monthly low at $29.3k, while on-chain metrics maintain that the cryptocurrency’s long-term projections are bullish. Also, the developer of the Stock-to-Flow (S2F) model, PlanB, asserts that the primary cryptocurrency performed “like clockwork” after it dropped below the $30k line.
Meanwhile, altcoins also partook in the boom and posted multi-record highs over the…
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