Bitcoin (BTC) has fallen below $67,000 since Wall Street opened on October 21 amid expected selling pressure in the United States.
BTC/USD 1-hour chart. Source: TradingView
Traders consider a deeper BTC price drop next.
Data from Cointelegraph Markets Pro and TradingView tracked BTC price losses of 3% for the day.
This follows BTC/USD recording its highest weekly close in five months, with market observers suggesting that consolidation and a retest of support should now begin.
Popular trader Jelle wrote in one of his latest
BTC price predictions included a deeper retracement, with popular X account Emperor suggesting $62,000 could be seen again.
“The large pocket between H6 55EMA and $66,000-500 should be a good area to watch for support, shorts will and should benefit from this,” he told his followers.
Emperor also noted the 6-hourly 200-period exponential moving average (EMA), which is currently around $63,300.
BTC/USD chart. Source: Emperor/X
“Trends are memes and largely self-fulfilling prophecies, but the middle and bottom of the trend actually played a significant role in Bitcoin’s rally.” Trader, analyst and commentator Josh Rafer continued:
“We are looking at the possibility of a retest before it gets any higher.”
BTC/USD 1-day chart. Source: Josh Rager/X
Meanwhile, popular commentator WhalePanda expressed frustration with the US response to Bitcoin’s $69,000 attack.
“There is another impressive $2,000 dump in the United States. “I wonder where I dump my Bitcoin every day,” he replied.
Bitcoin needs to flip $69,000 for a higher price.
The latest data from monitoring resource CoinGlass shows that BTC/USD is eating into bid-side liquidity as buyers add interest close to $66,000.
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BTC liquidation heatmap (screenshot). Source: Coinglass
Material Indicators, which analyzed the liquidity status of Binance, the largest global exchange, described Bitcoin as “on a flash sale.”
In a separate
“There is indeed liquidity piling up above $70,000, but do not overlook the importance of historical and technical resistance at the 2021 high,” he wrote earlier in the day.
“We could see some higher wicking, but I don’t expect a sustainable run into ATH territory without printing a candle above $69,000.”
Binance’s BTC/USDT order book liquidity. Source: Material Indicators/X
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.