Originally published on: November 03, 2024
Following a weekend of weakness in Bitcoin price, long positions suffered losses of $200 million, signaling a potential for a deeper correction. Titan of Crypto, a well-known analyst, has joined others in warning of a more significant pullback in the BTC/USD market.
Bitcoin has been struggling to maintain its bullish momentum after failing to break near its all-time highs of $73,800. With the upcoming US Presidential Election adding to the market uncertainty, Bitcoin’s open interest has reached record levels, leading to concerns about a potential retracement in price.
Titan of Crypto recently pointed out a possible “local bottom” at $66,200 before a bounce back. Analyzing Ichimoku cloud data on the 1-day timeframe, he noted that Bitcoin failed to close above a key trend line, indicating the potential for a deeper pullback.
The recent liquidation of $200 million in long positions pushed Bitcoin below $68,000, raising concerns among traders. Credible Crypto highlighted the $65,000 – $69,000 range as a crucial support zone, suggesting that the recent price highs may have been an overextension.
However, some traders remain optimistic, pointing to Fibonacci levels as potential areas of support for Bitcoin. Despite the market volatility expected during election week and the Federal Reserve’s upcoming interest rate decision, trading firm QCP Capital noted a continued interest in the Bitcoin market.
While the outlook for Bitcoin remains uncertain, investors are advised to conduct their own research and consider their risk tolerance before making any investment decisions. Stay informed with critical insights by subscribing to the Markets Outlook newsletter for regular updates on investment opportunities and trading strategies.
