Bitcoin (BTC) is lining up with a retest of a crucial weekly support on October 23, after impulsive sellers moved large amounts of BTC to Binance.
BTC plays with the $ 60,000 level
The BTC / USD pair keeps traders nervous as we enter the weekend, as shown by data from Cointelegraph Markets Pro and TradingView, which decide the fate of support at $ 60,000.
The level had proven to be the first major area of interest for buyers overnight, after the old all-time highs at $ 64,900 failed to prop up the market.
Although analysts remain bullish on the longer timeframes, the new dip is creating an interesting close at the current weekly candle.
Last week, #BTC Weekly Closed above a historical major resistance area (red)
This week, $ BTC may be dipping towards the same area but this time to turn it into a support
Weekly retest may soon be in progress#Crypto #Bitcoin pic.twitter.com/j8yGm7g5bt
– Rekt Capital (@rektcapital) October 22, 2021
Last week, BTC had a weekly close above a major historical resistance zone (red)
This week, BTC may be falling towards the same area but this time to turn it into support.
A retest of the past weekly close zone could occur soon.
Nevertheless, Michaël van de Poppe, Cointelegraph contributor, rated correcting “good” and kept up its forecast of a macro price cap of up to $ 300,000.
On the other hand, a popular theory tour around a structured push-out of overleveraged traders, which has pushed funding rates up to classic unsustainable levels during the race to the all-time high of $ 67,100.
The creation of the first Bitcoin ETF in the United States remains a major topic of debate, as the popular Twitter account BitBit points out.
Roughly 1.25 trillion dollars were injected into the market in a span of exactly 3 months, ahead of the ETF approval. now you tell me that some big pockets didn’t have this info way before you could guess.
1.25 trillion.
– Bitbit BTFD (3, 3) (,) (,) crypto (@BitBitCrypto) October 23, 2021
Approximately USD 1.25 trillion was injected into the market in exactly 3 months, prior to the approval of the ETF. Now you tell me that some big pockets didn’t have this information long before it could be guessed.
USD 1.25 trillion
Binance reserves soar
While exchange balances continue to trend downward, Binance has seen a spectacular increase in its reserves in recent days.
According to data from the statistical resource Bybt, these increased by more than 50,000 BTC to almost 400,000 BTC by Friday, October 22.
Increases in exchange reserves tend to signify a desire to sell or have BTC available to sell in the short term.
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