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Traders brace for a drop to $58K if Bitcoin price loses the $62K support

Whipsaw price motion has returned to the cryptocurrency market after Bitcoin’s (BTC) price misplaced steam at $67,100 and retracted to the $62,000 stage.  

An early morning 87% flash crash in the price of BTC at Binance US noticed the price briefly contact $10,000 and it might have set the market on edge, however usually, it seems to have been an remoted occasion. Data from Cointelegraph Markets Pro and TradingView present that bears have briefly taken management of the market with the price now fluctuating between $62,000 to $63,500.

BTC/USDT 4-hour chart. Source: TradingView

Here’s a have a look at what merchants and analysts are saying about the latest price motion for Bitcoin and what may very well be subsequent for the top-ranked digital asset.

$66,000 wants to grow to be support

The speedy climb in Bitcoin over the previous three weeks pushed the price again to the main resistance stage it confronted in April, a reality highlighted by unbiased crypto analyst ‘Rekt Capital.’ As proven under, there was a agency rejection close to the $63,500 resistance stage.

The foremost distinction this time round is that now bulls are making an attempt to set up this stage as the new support zone, which is able to give BTC a good basis for a additional push increased.

For the quick time period, this has now grow to be a key price stage to regulate as the market heads into the remaining week of October.

This autumn has traditionally been bullish

The breakout to a new all-time excessive has many throughout the area debating whether or not now is a good time to take earnings or if it’s time to enhance place sizes as an alternative.

According to David Lifchitz, managing associate and chief funding officer at ExoAlpha, “In crypto-land, everything is possible,” and he recommended that “a continuous uptrend taking BTC to $80,000 shortly from here, or a mild pullback down to $58,000 or even down to $53,000 before pulling higher toward $80,000 and above” have been each nicely inside the realm of potentialities.

Historically talking, “probabilities would favor some pullback after the recent torrid ride,” in accordance to Lifchitz, who highlighted the $64,500 and $58,000 ranges as a few of the key areas to regulate for the potential to “lighten up positions in case of a pullback and load-up again in the $53K region if the pullback deepens, or reload where the first stops were hit if the pullback doesn’t deepen.”

Overall, Lifchitz indicated that the path forward appears optimistic for Bitcoin and the wider cryptocurrency market because it enters the remaining quarter of 2021.

Lifchitz stated:

“The 4th quarter has historically been bullish, so it favors an upside target by year-end. So overall bullish mid-term but maybe some light turbulence ahead.”

Related: Bitcoin bulls set to net an $830M profit after Friday’s BTC options expiry

Bitcoin wants to maintain $62,000

A remaining perspective was supplied by pseudonymous Twitter person ‘E-Club Trading’, who posted the following chart exhibiting the latest price motion and essential support and resistance zones.

BTC/USD 1-day chart. Source: Twitter

The analyst stated:

“A bit of profit taking in BTC as it drops below the previous high of $65,000. It needs to hold above $62,000, or we could retest $58,000 in the next few sessions. Glad to be out of the way for the moment.”

The total cryptocurrency market cap now stands at $2.548 trillion and Bitcoin’s dominance charge is 46.5%.

The views and opinions expressed right here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails danger, it is best to conduct your individual analysis when making a resolution.

Source

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