Originally published on: October 21, 2024
Bitcoin took a nosedive below $67,000 following the Wall Street open on Oct. 21, as United States sellers exerted downward pressure on the leading cryptocurrency.
According to data from Cointelegraph Markets Pro and TradingView, BTC witnessed a 3% price drop in just one day, marking a significant shift after enjoying its highest weekly close in five months.
Market experts suggest that this downward trend could lead to consolidation and support retests in the near future. Popular trader Jellewrote noted in a recent post that the market was selling off slightly as anticipated, describing the weekly chart as “primed” for potential fluctuations.
Emperor, another well-known trader, predicted that BTC might see deeper retracements with a possible price target of $62,000. Pointing to key support levels around $66,500, Emperor emphasized the importance of monitoring the 200-period exponential moving average on 6-hour timeframes, currently hovering around $63,300.
Analyst Josh Rafer highlighted the significance of trends in Bitcoin’s price movements, emphasizing that certain levels could serve as points for potential rebounds.
Despite these analyses, WhalePanda expressed frustration over the constant dumping of Bitcoin by US sellers, questioning where they were sourcing such large amounts of the cryptocurrency.
Monitoring data from CoinGlass revealed increased bid-side liquidity near the $66,000 mark, indicating growing buyer interest at lower price levels.
On Binance, Bitcoin was described as being on a “flash sale” by trading resource Material Indicators, with co-founder Keith Alan emphasizing the importance of closing daily candles above $69,000 to challenge previous all-time highs.
As with all investments, caution is advised and individuals should conduct thorough research before making financial decisions. Stay informed about market trends and opportunities by subscribing to our Markets Outlook newsletter for weekly updates on key developments in the world of crypto trading.
