Bitcoin (BTC) conducts an important weekly support test on October 23 after impulsive sellers moved large amounts of BTC to the major exchange, Binance.
BTC dice with $ 60,000
BTC / USD will keep traders nervous through Saturday, data from Cointelegraph Markets Pro and TradingView show, deciding the fate of the USD 60,000 support.
The level had proved the first large area of buyer interest overnight after old all-time highs of $ 64,900 failed to sustain the market.
While analysts remain optimistic over longer periods of time, the comedown ensures an interesting conclusion to the current weekly candle.
Last week, #BTC Weekly Closed above historic large resistance area (red)
This week $ BTC could drop in the same range, but this time to turn it into a support
Weekly retest could be underway soon # Crypto #Bitcoin pic.twitter.com/j8yGm7g5bt
– Rekt Capital (@rektcapital) October 22, 2021
For Cointelegraph contributor Michaël van de Poppe described the correction as “good” and stuck to his forecast of a macro price spike of up to 300,000 US dollars.
Elsewhere, a popular theory revolves around a structured flush of over-indebted traders who drove funding rates to classic, unsustainable levels during the run to an all-time high of $ 67,100.
The pioneering role in the United States’ first Bitcoin ETF is also still an important topic of discussion, as the popular Twitter account BitBit notes.
around $ 1.25 trillion was injected into the market within exactly 3 months prior to ETF approval. Now you are telling me that some large bags didn’t have this information before you could guess.
– Bitbit BTFD (3, 3) (,) (,) Krypto (@BitBitCrypto) October 23, 2021
Binance reserves are skyrocketing
While currency balances generally continue to trend lower, Binance has seen a dramatic increase in its reserves in the past few days.
Related: Price analysis 10/22: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI
According to data from the statistics resource Bybt, these rose by over 50,000 BTC to almost 400,000 BTC by Friday.
Price increases in stock exchange reserves usually indicate a desire to sell or have BTC available at short notice.