{"id":51891,"date":"2024-10-27T01:41:00","date_gmt":"2024-10-27T01:41:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/btc-price-nurses-5-dip-warning-bitcoin-60k"},"modified":"2024-10-27T05:41:20","modified_gmt":"2024-10-27T05:41:20","slug":"btc-price-nurses-5-dip-amid-warning-bitcoin-can-still-flush-to-60k","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51891","title":{"rendered":"BTC price nurses 5% dip amid warning Bitcoin can still 'flush' to $60K"},"content":{"rendered":"

Bitcoin (BTC) circled $67,000 on Oct. 26 after news events sent BTC price tumbling nearly 5%.<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

Bitcoin open interest blamed as BTC price wobbles<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView tracked local lows of $65,530 on Bitstamp into the Oct. 25 daily close.<\/p>\n

These came along with fresh geopolitical instability and unsubstantiated reports surrounding illicit use of largest stablecoin Tether (USDT).<\/p>\n

While the latter quickly brushed off the accusations, which appeared in the Wall Street Journal, conflict between Israel and Iran increased the risk-off mood.<\/p>\n

For Bitcoin market observers, however, there was a more important factor in recent BTC price performance: open interest (OI).<\/p>\n

\u201cNow most people say that the cause of the drop was because of some US investigation over the USDT stablecoin, which in fact couldn’t be further from the truth. Over the last months we had relentless narratives both in top ranges, as well as in bottom ranges, making people become emotional each time they should’ve made a decision,\u201d popular X account Luca responded on X.<\/p>\n

\u201cIn my opinion, the drop wasn’t caused by the news. The drop was caused by the high OI, which market makers are trying to flush out before they take the price higher.\u201d<\/p><\/blockquote>\n

\"\"
Bitcoin futures OI 1-day change. Source: Glassnode<\/em><\/p>\n<\/figcaption><\/figure>\n

Data from onchain analytics firm Glassnode showed the single-day OI decrease on Oct. 25 as the largest since August.<\/p>\n

\u201cBlows my mind that Bitcoin still trades like a risk asset.\u00a0 Bitcoin will trade like Gold in these events one day,\u201d Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, commented.<\/p>\n

\u201cOn the plus side, 10000 BTC Open Interest wiped in minutes, we are now back at the same level of OI as when Bitcoin was trading at $59K.\u201d<\/p><\/blockquote>\n

As Cointelegraph reported, OI had previously reached record highs of over $40 billion as BTC\/USD sought a rematch with $70,000.<\/p>\n

$60,000 liquidity \u201cflush\u201d next?<\/h2>\n

Continuing, Luca joined those anticipating a fresh drop toward significant psychological support at $60,000.<\/p>\n

Related: <\/strong><\/em>Bitcoin analyst: $100K BTC price by February ‘completely within reason’<\/strong><\/em><\/p>\n

\u201cIf we look on the Liquidation-Heatmap, we can clearly observe how bulls tried to catch the local bottom this whole week, failing each time, as there were highly leveraged positions,\u201d the X post continued, referring to exchange order book liquidity.<\/p>\n

\u201cNow it is happening again, with a MASSIVE pile of longs sitting just under 65K, which is also a very important support level. Lose that, and the next support range at 60K gets exposed.\u201d<\/p><\/blockquote>\n

\"\"
BTC liquidation heatmap. Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n

Monitoring resource CoinGlass showed bid liquidity stacked below spot price toward $61,500.<\/p>\n

\u201cNow that is what I personally think it’s going to happen, we will most likely see another flush to 60K, before we can call for any local-bottoms,\u201d Luca concluded.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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Bitcoin (BTC) circled $67,000 on Oct. 26 after news events sent BTC price tumbling nearly 5%. BTC\/USD 1-hour chart. Source: TradingView Bitcoin open interest blamed as BTC price wobbles Data from Cointelegraph Markets Pro and … BTC price nurses 5% dip amid warning Bitcoin can still 'flush' to $60K<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51893,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBTC price nurses 5% dip amid warning Bitcoin can still 'flush' to $60K - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51891\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC price nurses 5% dip amid warning Bitcoin can still 'flush' to $60K - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) circled $67,000 on Oct. 26 after news events sent BTC price tumbling nearly 5%. 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