(BTCThe ) was below $56,000 as of Nov. 19, which marked the end of a close. 20% correction to the all-time record. The Crypto Fear & Greed Index, which remained in the greed zone for most of the past two months, has plummeted into the fear category with a reading of 34.

Research firm for cryptocurrency Delphi Digital stated in a recently released report that the sell-off in Bitcoin was “largely driven by a wave of liquidations rather than a fundamental shift in narrative,” and the analysts expect the drawdown to be “relatively short-lived.”