{"id":51940,"date":"2024-11-04T01:08:00","date_gmt":"2024-11-04T01:08:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/btc-price-liquidates-200m-bitcoin-risks-66k-pullback"},"modified":"2024-11-04T07:55:38","modified_gmt":"2024-11-04T07:55:38","slug":"bitcoin-analyst-sees-66k-local-bottom-as-btc-price-liquidates-200m","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51940","title":{"rendered":"Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M"},"content":{"rendered":"

Bitcoin (BTC) faces a \u201cmore profound pullback\u201d after weekend BTC price weakness cost longs $200 million.<\/p>\n

In his latest market analysis on X, popular trader Titan of Crypto joined those warning of a deeper correction on BTC\/USD.<\/p>\n

Daily timeframe BTC price battle rages<\/h2>\n

Bitcoin continues to struggle after rejecting near all-time highs of $73,800 earlier this week.<\/p>\n

Market nerves over the upcoming United States Presidential Election have compounded an already overheated Bitcoin trading environment where open interest hit record highs.<\/p>\n

Now, observers see the risk of further BTC price retracement before its uptrend resumes.<\/p>\n

\u201cLocal Bottom at $66,200 Before a Bounce?\u201d Titan of Crypto queried.<\/p>\n

An accompanying chart showed Ichimoku cloud data for 1-day timeframes, with price deviating below one of the indicator\u2019s key trend lines, Tenkan-sen.<\/p>\n

\u201cBTC couldn\u2019t close above Tenkan, signaling a possible more profound pullback,\u201d he continued.<\/p>\n

\u201cIf the breakout is confirmed, we might see a retest of Kijun around $66,200, which could mark a local bottom.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USDT 1-day chart with Ichimoku cloud data. Source: Titan of Crypto\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Previously, Titan of Crypto named $71,300 as an important resistance level to flip to support while examining Ichimoku on monthly timeframes.<\/p>\n

Bitcoin traders line up bounce zones<\/h2>\n

Bitcoin meanwhile liquidated $200 million of long positions on its way down to current levels, which included a brief drop below $68,000.<\/p>\n

Related: <\/strong><\/em>BTC price risks new ‘FOMO’ top as Bitcoin ETF inflows near $1B daily<\/strong><\/em><\/p>\n

Data from Cointelegraph Markets Pro and TradingView reveals only a modest rebound occurring thereafter, leading to more BTC price downside predictions.<\/p>\n

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

Popular trader Credible Crypto called the area between $65,000 and $69,000 a \u201cmust bounce zone,\u201d reiterating that the week\u2019s trip to near all-time highs may remain an upside deviation.<\/p>\n

\u201cFor now, let’s see if we can get this bounce and then we can take it from there,\u201d he concluded on Nov. 3 while warning of a \u201clarger correction.\u201d<\/p>\n

\"\"
Source: <\/em>SuperBro<\/em><\/p>\n<\/figcaption><\/figure>\n

Others had more faith in a market reversal.<\/p>\n

\u201cBitcoin has Pullback onto Fibonacci 0.618 level, which is a common support for a healthy pullback,\u201d fellow trader Alan Tardigrade noted.<\/p>\n

\u201cIf this level holds up $BTC, there will be another impulsive moves.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD chart with Fibonacci levels. Source: Alan Tardigrade\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Trading sources concurred about the risk of heightened volatility during election week, which also plays host to the Federal Reserve\u2019s next decision on interest rates.<\/p>\n

\u201cDespite Bitcoin\u2019s dip below $69,000 on Friday, we continue to see significant interest in the market, with OI for both total BTC futures and BTC options staying heightened at $40.65b and $25.3b respectively (an increase of +24.20% and +36.76% compared to the start of Oct),\u201d trading firm QCP Capital reported in part of its latest bulletin to Telegram channel subscribers.<\/p>\n

\u00a0\u201cOptions market is trading BTC 7 day implied vols at 74.4%, substantially higher than the past 7 day realised vols of 41.4%, indicating a significant risk premium around the elections.\u201d<\/p><\/blockquote>\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) faces a \u201cmore profound pullback\u201d after weekend BTC price weakness cost longs $200 million. In his latest market analysis on X, popular trader Titan of Crypto joined those warning of a deeper correction … Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51941,"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-51940","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":"\nBitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M - 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=51940\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) faces a \u201cmore profound pullback\u201d after weekend BTC price weakness cost longs $200 million. 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