Bitcoin threatens to slide to $ 58,000 if it loses support at $ 62,000

Volatility has returned to the crypto market after the Bitcoin price fell from $ 67,100 to the $ 62,000 region.

An 87% flash crash last night on Binance.US caused the BTC price to hit $ 8,200 for a short time and may have shored the market, but overall it was an isolated event. Data from TradingView shows that bears have temporarily taken control of the market, with prices currently hovering between $ 62,000 and $ 63,500.

BTC / USDT 4-hour chart. Source: TradingView

Here’s what traders and analysts are saying about Bitcoin’s recent price action and predicting what’s next for the top-rated digital asset.

Give $ 66k in support

Bitcoin’s rapid escalation over the past three weeks has pushed the price to major resistance in April, a fact highlighted by independent analyst Rekt Capital. As shown below, there was solid rejection near the resistance level of $ 63,500.

The source: Twitter

The main difference this time around is that the bulls are trying to establish this level as new support, which provides a good platform for BTC to push up.

In the short term, this has become an important price level to watch when the market starts in the last week of October.

Q4 is inherently bullish

Bitcoin’s breakout to a new all-time high has left many in the room debating whether this is a good time to take profit or instead a time to scale positions.

David Lifchitz, Managing Partner and Chief Investment Officer at ExoAlpha, commented:

“Everything is possible in crypto. A sustained uptrend bringing BTC to $ 80,000 here, or a slight drop to $ 58,000, or even a drop to $ 53,000 before rising to $ 80,000 or more, is likely. “

Lifchitz highlighted the $ 64,500 and $ 58,000 levels as some of the key areas in which to “position in the event of a pullback and reload in the area of ​​$ 53,000 when the pullback is lower, or reload where the first stops were reached when the pullback should “look out wasn’t deep.”

Overall, Lifchitz points out that the path ahead for Bitcoin and the broader crypto market looks positive as we move into the final quarter of 2021.

“The fourth quarter was historically bullish, so it favors a bullish year-end target. Overall bullish in the medium term, but there could be slight volatility in the short term. “

Stick to $ 62k. fixed

One final view of the E-Club Trading user with a graph showing recent price action and key areas of support and resistance.

“There is some profit trapped in BTC as it fell below its previous high of $ 65,000. It has to hold over US $ 62,000, otherwise a retest of US $ 58,000 in the next few sessions is unlikely. “

The source: Twitter

The total crypto market cap is $ 2.548 trillion and the dominance of bitcoin is 46.5%.

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Annie

According to Cointelegraph

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