Bitcoin conducts an important weekly support test on October 23 after impulsive sellers moved large amounts of BTC to the major exchange, Binance.
BTC price 4-hour chart | The source : TradingView
Bitcoin is struggling with $ 60,000
Bitcoin worries traders on Saturday. Data from TradingView suggests its fate will be decided by the $ 60,000 support level.
This level is the first major area of interest to buyers after the old ATH at $ 64,900 failed to sustain the market in the long run.
While analysts remain bullish for longer periods, the downtrend keeps everyone curious about the current week’s closing candle.
Last week, #BTC Closed weekly over a historical large resistance area (red)
In this week, $ BTC can dive into the same area but this time to turn it into a support
– Rekt Capital (@rektcapital) October 22, 2021
“Last week, BTC closed above an important historical resistance area (red) on a weekly basis. This week, BTC could fall in the same range but to turn it into a support. Could test every week soon. “
For the analyst Michaël van de Poppe, however adjust is “good” and still predicts a macro price of $ 300,000.
On the other hand, a lot of people are posing hypothesis Traders who use too much leverage will “exit”, which has driven funding rates to normally unsustainable levels during a rally to a new ATH of $ 67,100.
In addition, the first US Bitcoin Exchange Traded Fund (ETF) is still a hotly contested topic, as the popular Twitter account BitBit notes.
“In exactly three months before the ETF was approved, about $ 1.25 trillion was pumped into the market. Now are you telling me the giants don’t have this information before you can guess it? “
The source: Twitter
Binance reserves rise higher
While overall foreign exchange balances continue to trend lower, Binance’s reserves have risen significantly in the past few days.
According to data from statistics source Bybt, that number rose by more than 50,000 BTC to almost 400,000 BTC on Friday.
Bitcoin balance Binance | The source: Bybt
An increase in foreign exchange reserves usually means a desire to sell or short-term availability of BTC for sale.
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According to Cointelegraph