Bitcoin On The Brink: Will $60K Hold Or Is A Major Correction Coming?
10 Outubro 2024 - 11:00PM
NEWSBTC
After briefly rising above $63,000 in recent days, renewing
investor’s hope on “uptober,” Bitcoin has once again dampened this
excitement by decreasing to as low as the $60,000 region today.
This unappealing performance has led to a CryptoQuant analyst,
Aytekin, raising and sharing insight on an important question: “Is
it reasonable to expect a final shakeout before the next big move?”
Related Reading: Is The Worst Over For Bitcoin? Analyst Suggests
Local Bottom May Be Here Bitcoin Next Move: Major Correction
Looming? In a recent post on the CryptoQuant QuickTake platform,
the analyst explained that Bitcoin is currently in a high open
interest zone, having exceeded the critical $18 billion level.
Historically, when open interest levels reached this point, major
corrections followed. The analyst mentioned that the current market
sentiment appears divided, noting: The market seems indecisive in
many aspects, with some believing that the next big upside move is
on the horizon, while others think BTC’s downward trend remains
strong. A common belief is that BTC may need a final shakeout
before surging to a new all-time high (ATH). Aytekin added that
funding rates, though slightly above the 200-day simple moving
average (SMA), suggest that long traders are still dominant.
However, significant price corrections in the past often occurred
when funding rates turned negative, which hasn’t happened yet.
Aytekin concluded that, while a final shakeout might occur, the
depth of the correction may not be as severe given the relatively
moderate funding rates. BTC Price Outlook As Bitcoin has struggled
to break through key resistance levels, its recent price action
reflects ongoing market indecision. Over the past few weeks,
Bitcoin maintained stability above the $60,000 mark, but failed to
make a major move to reclaim $70,000. In the past 24 hours, Bitcoin
has slipped by 2.9%, currently trading at $60,485. This decline
follows the asset’s brief surge to $63,774 earlier in the week,
which sparked optimism for a possible move toward the $65,000 and
then $70,000 mark. Prominent crypto analyst Ali recently commented
on Bitcoin’s price action, noting that Bitcoin is still trading
within a “descending parallel channel.” According to Ali, the asset
was rejected at the upper boundary of this channel, signalling the
potential for further downside. “We might see a drop to the middle
boundary at $58,000 or even the lower boundary at $52,000,” Ali
noted in a post on X. Related Reading: Bitcoin’s Path To $80,000
“Melt-Up” In Q4 2024 – Details Inside He emphasized that a bullish
breakout is unlikely unless Bitcoin clears the $66,000 level, a
price point that has acted as a significant resistance point in
recent weeks. #Bitcoin remains stuck in a descending parallel
channel. After the recent rejection at the upper boundary, we might
see a drop to the middle boundary at $58,000 or even the lower
boundary at $52,000. A bullish breakout won’t happen until $BTC
clears $66,000! pic.twitter.com/yFvS6jxmKB — Ali (@ali_charts)
October 9, 2024 Featured image created with DALL-E, Chart from
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