30s Summary

Bitcoin (BTC) fell below $67,000 on October 21, amid anticipated US sell pressure and a 3% drop in price. Some experts believe the market will now stabilize and support be retested. Crypto commentator Emperor flagged $66,500 to $66,000 as possible support levels, with the 200-period exponential moving average potentially around $63,300. Bitcoin has to cross $69,000 to reach further highs, and with it currently teetering around the $66,000 level, there’s increased buyer interest. However, hefty pressure exists above $70,000, with past resistance at the 2021 peak also posing an obstacle.

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After Wall Street opened on Oct. 21, Bitcoin (BTC) fell below $67,000 due to anticipated US sell pressure. That day, Bitcoin’s price dropped by 3% according to data from Cointelegraph Markets Pro and TradingView.

This decline followed Bitcoin’s highest weekly closing in the past five months and some believe it’s time for the market to stabilize and support to be retested. Well-known trader, Jelle, for instance, reassured his followers, saying it was expected and perfectly fine for the market to experience slight selling. Other price predictions for Bitcoin have suggested we might see even more of a downturn, with the $62,000 mark potentially making a comeback.

Crypto commentator Emperor flagged the $66,500 to $66,000 range as one to keep an eye on for potential support. They also predicted that Bitcoin’s 200-period exponential moving average (EMA) could hover around $63,300 based on 6-hour timeframes.

Other market watchers echoed these sentiments as they anticipate a potential price re-test before the market moves higher. Not everyone was thrilled though; crypto observer WhalePanda expressed his frustration with US traders’ response to Bitcoin’s attempt to breach $69,000.

For Bitcoin to break further into higher price levels, it needs to get above $69,000 according to the latest data from CoinGlass. As Bitcoin is floating around the $66,000 mark, more buyers are showing interest causing the demand to increase.

Material Indicators, a trading resource for Binance, the world’s largest cryptocurrency exchange, highlights that Bitcoin seems to be having a flash sale given the current liquidity conditions.

And according to co-founder Keith Alan, for Bitcoin bulls to have a shot at reaching new heights, they need to close above $69,000. Even though there’s substantial pressure above $70,000, the past resistance at the 2021 peak shouldn’t be overlooked.

Please note: trading and investing in cryptocurrency involves certain risks and it’s advised to do your own research before making any decisions.

Source: Cointelegraph