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 dice is 60,000 USD
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.
last week, #BTC Weekly closing is higher than the historical major resistance area (red)
this week, Bitcoin May tilt towards the same area, but this time turn it into a support
— Rekt Capital (@rektcapital) October 22, 2021
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.
Before the approval of the ETF, approximately US$1.25 trillion was injected into the market in a full three months. Now you tell me that before you guessed it, some big pockets didn’t have this kind of information.
-Bitbit BTFD (3, 3) (,) (,) encryption (@BitBitCrypto) October 23, 2021
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.
Rising foreign exchange reserves often means a desire to sell or sell BTC in a short period of time.