30s Summary

Bitcoin’s price fell over the weekend, leading to a loss of $200 million for those who bet on its rise. This drop was predicted by currency traders who foresaw a downward price correction against the dollar, especially with the uncertainty of the US Presidential Election. There are concerns that Bitcoin’s price could dip further before climbing again, with predictions suggesting it could fall as low as $66,200. Other factors, such as the upcoming decision regarding interest rates by the Federal Reserve, could contribute to market volatility. Researchers caution investors to conduct their own research before making investment decisions.

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Bitcoin’s price took a hit over the weekend, causing some who’ve bet on the crypto to lose $200 million. This drop was anticipated by savvy currency traders like Titan of Crypto, who anticipated a downward correction in the price of Bitcoin against the dollar.

Bitcoin’s been having a tough ride, especially after it got close to its record high price of $73,800 earlier this week. With the US Presidential Election happening, there’s a lot of uncertainty in the market and Bitcoin trading’s been super intense.

Now, people watching the market are starting to worry that Bitcoin’s price might dip a bit more before it starts climbing again. In a tweet, Titan of Crypto wondered whether the price might drop as far as $66,200 before it starts going up again.

A chart shared by him used 1-day Ichimoku cloud data and showed that Bitcoin’s price had dropped below a key line—Tenkan-sen—which could mean a steeper than usual pullback.

In a previous analysis, Titan of Crypto set $71,300 as a key level that needs to turn into a base to bounce back from, based on the Ichimoku model.

Bitcoin’s current troubles caused $200 million worth of ‘long’ Bitcoin positions (i.e., bets on Bitcoin’s price going up) to be abruptly sold off or ‘liquidated’, as it’s called. This caused Bitcoin’s price to dip below $68,000 at some point.

Data from various market analysis sites show that Bitcoin’s price is only slightly bouncing back right now, leading many to think its price might keep dropping.

Popular trader Credible Crypto thinks Bitcoin needs to bounce back somewhere between $65,000 and $69,000. He also thinks the high price Bitcoin reached this week might be a one-off.

Another trader, Alan Tardigrade, is a bit more optimistic though. He pointed out that Bitcoin’s price had fallen down to a level that’s considered a good base for a price rebound.

While all this is happening, there are also other market factors to consider, like the upcoming decision about interest rates by the Federal Reserve during election week. This could cause the market to get even more volatile.

No matter what, you should always do your own research before making investments. Every trade carries some risk, so make sure you do your homework and know what you’re doing.