As a seasoned researcher with over two decades of experience in the financial markets, I have seen numerous bull and bear cycles unfold before my eyes. The current Bitcoin price dip, although not unexpected given the recent surge, is a reminder of how volatile this asset class can be.
Bitcoin (BTC) dropped beneath $67,000 following the October 21 opening of Wall Street, presumably due to anticipated selling pressure from the United States.
Traders consider deeper BTC price pullback next
Data from CryptoMoon Markets Pro and TradingView tracked 3% BTC price losses on the day.
As a crypto investor, I’ve noticed that BTC/USD reached its highest weekly close in five months. Market analysts are now suggesting that we might see a period of consolidation and potential support tests.
According to a well-known trader, Jelle, the market is experiencing a slight dip today as anticipated, and that’s nothing to worry about. He describes the current state of the weekly chart as being ‘ready’ or ‘prepared.’
Predictions for the Bitcoin price indicate potential setbacks, as financial influencer Emperor from account X speculates that we might see the return of $62,000 again.
According to the analysis, the $66,000 – $50,000 range indicated by the H6 55EMA and high volume pocket could serve as a strong potential support level. Traders may decide to close their short positions here as they realize profits.
Moreover, the emperor was looking at the 200-period exponential moving average (EMA), which is roughly at $63,300 on six-hour charts as well.
Josh Rafer, a trader, analyst, and commentator, explained that trends are similar to internet memes. They often start as self-fulfilling prophecies, but the middle and lower parts of the trend hold considerable importance as they contribute significantly to Bitcoin’s bounces.
“Watching for a potential re-test before higher.”
Meanwhile, well-known commentator WhalePanda expressed his annoyance over the U.S.’s response when Bitcoin’s price reached $69,000.
The U.S. continues to sell another large amount of Bitcoin, around $2,000. It’s hard not to question where they are sourcing these Bitcoins for daily selling.” (This version maintains the original sentiment and structure but uses more common phrasing and simplifies some of the language.)
Bitcoin needs to flip $69K for higher
According to the most recent data from CoinGlass, Bitcoin (BTC) against the US Dollar (USD) is consuming liquidity on the bidding side as investors are expressing more interest around the $66,000 mark.
Examining the market liquidity on the biggest international exchange, Binance, the analytical tool Material Indicators referred to Bitcoin as experiencing a sudden price reduction sale.
During a separate conversation about X, co-founder Keith Alan emphasized that for bulls to attempt reaching the previous March record highs, it’s crucial that the price of each candle should finish above $69,000.
“There is indeed heavy ask liquidity stacked above $70k, but don’t overlook the significance of historical and technical resistance at the 2021 Top,” he wrote earlier in the day.
“We may see some high wicks, but I don’t expect a sustainable run to ATH territory without full candles printing above $69k.”
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2024-10-21 18:59