D0llars.com brings you the latest business & crypto news. Bitcoin (BTC) is lining up a crucial weekly support test on Oct. 23 after impulsive sellers moved large amounts of BTC to major exchange Binance.
BTC/USD is keeping traders nervous into Saturday, data from Cointelegraph Markets Pro and TradingView shows, deciding on the fate of $60,000 support. The level had proven the first major area of buyer interest overnight after old all-time highs at $64,900 failed to prop up the market. While analysts remain bullish on longer timeframes, the comedown is creating an interesting close to the current weekly candle.
– last week, #BTC Weekly Closed above a historical major resistance area (red)
– this week, $BTC may be dipping towards the same area but this time to turn it into a support
– weekly retest may soon be in progress#Crypto #Bitcoin pic.twitter.com/j8yGm7g5bt
For Cointelegraph contributor Michaël van de Poppe, however, called the correction “fine” and maintained his prognosis of a macro price top of as much as $300,000. Elsewhere, a popular theory revolves around a structured flushing out of overleveraged traders, these having pushed up funding rates to classic unsustainable levels during the run to $67,100 all-time highs. Front-running the United States’ first Bitcoin ETF is likewise still a major topic of debate, as noted by popular Twitter account BitBit.
Leave a Comment