Originally published on: November 03, 2024
As Bitcoin faces a significant pullback, weekend price weakness has caused long positions to lose $200 million. Titan of Crypto, a well-known analyst, has joined others in warning of a deeper correction for BTC/USD.
The cryptocurrency continues to struggle after rejecting near all-time highs of $73,800 earlier in the week. Market nervousness surrounding the upcoming United States Presidential Election has added to the already heated Bitcoin trading environment, with open interest reaching record highs.
Analysts now foresee a potential retracement in the price of Bitcoin before its uptrend continues. Titan of Crypto raised the question of a “local bottom at $66,200 before a bounce?” as he analyzed the Ichimoku cloud data for 1-day timeframes.
According to Titan of Crypto, Bitcoin’s failure to close above the key trend line, Tenkan-sen, suggests a possible deeper pullback. Previous analysis by Titan of Crypto had identified $71,300 as a crucial resistance level to flip to support.
Following the liquidation of $200 million long positions, Bitcoin briefly dropped below $68,000, sparking predictions of further downside in its price. Credible Crypto called the $65,000 to $69,000 range a “must bounce zone,” emphasizing the need for a market reversal after the recent near all-time high levels.
Despite concerns about increased volatility during election week and the Federal Reserve’s upcoming interest rate decision, trading firm QCP Capital reports continued significant interest in the Bitcoin market.
As the market braces for potential fluctuations, traders and investors are advised to conduct their own research before making any investment decisions.
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