If the Bitcoin price loses the support of $62,000, traders will be prepared to fall to $58,000


In Bitcoin (Bitcoin) The price lost momentum at $67,100 and fell back to the level of $62,000.

One early morning BTC price plummeted by 87% In Binance USA, the price briefly touched $10,000, which may put the market in a state of tension, but in general, this seems to be an isolated incident.Data from Cointelegraph Markets Pro with Transaction view It indicates that the shorts have temporarily controlled the market, and the price is now fluctuating between US$62,000 and US$63,500.

BTC/USDT 4-hour chart. Source: TradingView

The following are the views of traders and analysts on Bitcoin’s recent price movements and the next move for the top-ranked digital assets.

Need 66,000 USD to become support

The rapid rise of Bitcoin in the past three weeks has pushed the price back to the main resistance level faced in April, and the independent cryptocurrency analyst “Rekt Capital” emphasized this fact. As shown below, it was firmly rejected near the resistance level of $63,500.

The main difference this time is that the bulls are now trying to establish this level as a new support area, which will lay a good foundation for BTC to push higher.

In the short term, as the market enters the last week of October, this has now become a key price level to watch.

Historically, the fourth quarter has been bullish

Breaking a record high has caused many people in the entire field to debate whether it is a good time to make a profit or whether it is time to increase the size of their positions.

ExoAlpha’s managing partner and chief investment officer David Lifchitz stated that “in the crypto field, everything is possible” and he suggested that “from here on, BTC will continue to rise to 80,000 US dollars, or moderately fall back to 58,000 US dollars or even 53,000 US dollars. Then pull it up to 80,000 US dollars and above” are all within the range of possibility.

Lifchitz said that historically, “after the recent sharp volatility, there may be some corrections”. He emphasized that the levels of 64,500 US dollars and 58,000 US dollars are some key areas that need to be paid attention to, in order to understand the “lightening” If the callback deepens when possible, it will be called back and loaded again in the $53,000 area, or if the callback has not deepened, it will be reloaded where it stopped for the first time.”

Overall, Lifchitz stated that as Bitcoin and the broader cryptocurrency market enter the last quarter of 2021, the road ahead looks positive.

Lifchitz said:

“Historically, the fourth quarter has been bullish, so it is conducive to the upside target before the end of the year. So the overall bullish mid-term, but there may be some slight turbulence in the future.”

related: After the expiration of the BTC option on Friday, the Bitcoin bulls will receive a profit of $830 million

Bitcoin needs to hold $62,000

The last point of view was provided by the pseudonym Twitter user “E-Club Trading”, who Post The chart below shows recent price movements and important areas of support and resistance.

BTC/USD 1-day chart.Source: Twitter

The analyst said:

“When BTC fell below its previous high of $65,000, it took a profit. It needs to stay above $62,000, otherwise we can retest $58,000 in the next few trading days. I’m glad to leave for now.”

The overall cryptocurrency market value is now 2.548 trillion U.S. dollars, and Bitcoin’s dominance rate is 46.5%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.