Bitcoin determines the fate of $60,000, because the weekly closing keeps BTC traders on the alert

Bitcoin (Bitcoin) After impulsive sellers transferred large amounts of BTC to the main exchange Binance, a key weekly support test is being conducted on October 23.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC dice is 60,000 USD

Data from BTC/USD makes traders nervous until Saturday Cointelegraph Markets Pro with Transaction view Show, determine the fate of 60,000 US dollars support.

After reaching a record high of $64,900, this level has proven to be the first major area of ​​overnight buyer interest Failure To support the market.

Although analysts are still bullish on a longer time frame, the decline is creating an interesting position close to the current weekly candlestick chart.

However, for Cointelegraph writer Michaël van de Poppe, Call Correct the “fine” and Keep He predicted that the macro price could reach up to 300,000 US dollars.

Elsewhere, a popular theory Spin Around the structural flushing of over-leveraged traders, these have pushed the funding rate to a classic unsustainable level, reaching a record high of $67,100.

As pointed out by the popular Twitter account BitBit, the first Bitcoin ETF ahead of the US is still a major topic of debate.

Binance Reserve Soars

At the same time, although the overall foreign exchange balance continues to show a downward trend, Binance’s foreign exchange reserves have increased sharply in recent days.

Related: Price Analysis 10/22: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

According to statistics from Bybt, as of Friday, these numbers have increased by more than 50,000 BTC, reaching nearly 400,000 BTC.

Bitcoin balance on Binance. Source: Bybt