Bitcoin decides fate of $60K as weekly close keeps BTC traders on their toes

Bitcoin (BTC), which was impulsively sold large amounts of BTC on Binance, is now preparing for a critical weekly support test.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

BTC dices starting at $60,000

BTC/USD keeps traders anxious into Saturday, according to data from TradingView and Cointelegraph Markets Pro. This is in addition to the decision on $60,000 support.

After the market crashed to $64,900, the level was the first area that saw significant buyer interest.

Analysts remain bullish for longer time frames, but the downturn is making it interesting to close the weekly candle.

Last week, #BTC Weekly Closed above a historical major resistance area (red) This week, $BTC may be dipping towards the same area but this time to turn it into a support Weekly retest may soon be in progress#Crypto #Bitcoin pic.twitter.com/j8yGm7g5bt
— Rekt Capital (@rektcapital) October 22, 2021

Michael van de Poppe (Cointelegraph contributor) called the correction “fine” but maintained his prognosis that the macro price would reach $300,000.

A popular theory is that overleveraged traders have been flushed out, which has resulted in funding rates rising to unsustainable levels.

The topic of front-running the first Bitcoin ETF in the United States is still a hot topic, according to BitBit.

In just three months, 1.25 trillion dollars was injected into the market. This was before the approval of the ETF. Now, tell me that this information was not available to large pockets before the ETF approval. 1.25 trillion.
— Bitbit BTFD (3. 3) (.) (.) crypto (@BitBitCrypto). October 23, 2021

Reserves at Binance rise

Although exchange balances generally continue to trend lower than they were in the past, Binance has seen an increase in its reserves over recent days.

Similar: Price analysis 10/22 – BTC, ETH and BNB, ADA. XRP. SOL. DOT. DOGE. LUNA. UNI

These increased by more than 50,000 BTC to close to 400,000 BTC according to Bybt statistics resource.

Binance Bitcoin balance Source: Bybt

An increase in exchange reserve tends to indicate a desire or need to sell BTC at short notice.

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Eileen Wilson

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