Bitcoin (BTC) conducts an important weekly support test on October 23 after impulsive sellers moved large amounts of BTC to the major exchange, Binance.
BTC drops by $ 60,000
BTC / USD worries traders on Saturday, data from Cointelegraph Markets Pro and TradingView show, deciding the fate of the USD 60,000 support level.
This level emerged as the first key area for overnight buyers after the old all-time high of $ 64,900 failed to stimulate the market.
While analysts remain optimistic for longer periods of time, the downtrend near the current weekly candle makes an interesting point.
Last week, #BTC Weekly closing over a key area of historical resistance (red)
In this week, $ BTC can descend to the same area but this time to turn it into support
– Rekt Capital (@rektcapital) October 22, 2021
A popular theory elsewhere circular around a structured relief of overworked traders, these drove the financing rates during their course to a classic, unsustainable level to an all-time high of 67,100 USD.
The first US Bitcoin ETF also remains an important topic of discussion, as the popular Twitter account BitBit notes.
About $ 1.25 trillion was pumped into the market over a period of exactly 3 months prior to ETF approval. Now tell me some big bags don’t have this information that way before you can guess.
– Bitbit BTFD (3, 3) (,) (,) cryptocurrency (@BitBitCrypto) October 23, 2021
Binance reserves rise higher
While overall foreign exchange balances continue to trend lower, Binance has seen a significant increase in its reserves over the past few days.
Connected: 10/22 Price analysis: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI
According to the Bybt statistics source, the amount rose by more than 50,000 BTC to just under 400,000 BTC on Friday.
Exchange reserve sticks usually indicate the desire to sell BTC on short notice or to have it available for sale.