Bitcoin\u2019s recent price surge toward $66,000 has led to heightened optimism, but the market now faces a potential retracement phase.<\/p>\n
The $66K resistance level is proving to be a formidable barrier, and BTC is likely to undergo a period of consolidation or correction before determining its next major trend.<\/p>\n
By Shayan<\/a><\/p>\n Bitcoin recently experienced a strong bullish surge, reaching the critical $66K resistance region after originating from a significant support level of around $55K.<\/p>\n This bullish momentum was driven by improved market sentiment and buying activity. However, upon nearing the $66K threshold, Bitcoin\u2019s price faced considerable selling pressure, leading to a slight rejection.<\/p>\n This range represents a significant resistance level that aligns with BTC\u2019s previous major pivot. Notable supply could be sitting there, thus offering a strong barrier against further increases. Given the impulsive nature of the recent upward movement, a period of corrective retracement is likely as the market cools off before determining its next major trend direction.<\/p>\n <\/a>Source: TradingView<\/p>\n On the 4-hour chart, Bitcoin\u2019s recent price action reveals a pattern of higher highs and higher lows, forming an upward trajectory from the crucial $55K support zone. This demand surge resulted in Bitcoin reclaiming the $65K swing high, triggering a short-squeeze and drawing liquidity from the resting sell orders in that area.<\/p>\n Currently, the price has reached the zone between the 0.618 and 0.786 Fibonacci retracement levels, also known as the Optimal Trade Entry (OTE) levels. This region often acts as a substantial resistance level, and Bitcoin has already encountered heightened selling pressure, leading to a slight rejection from this range.<\/p>\n Given the current market dynamics, Bitcoin is likely to enter a short-term corrective retracement phase, with the primary target being the $60K psychological support level. This temporary pullback would allow the market to digest the recent gains before potentially resuming the uptrend.<\/p>\n <\/a>Source: TradingView<\/p>\n By Shayan<\/a><\/p>\n As Bitcoin\u2019s price continues to climb towards the $66K level, a closer examination of the Binance liquidation heatmap reveals the underlying dynamics driving the market\u2019s behavior. The heatmap highlights the critical liquidity zones influencing the price action.<\/p>\n $50,000 is a crucial support zone, as evidenced by the substantial liquidity below this threshold. This liquidity represents stop-loss orders and liquidation levels, predominantly from larger market participants, including whales. On the other hand, the $66K-$70K range is another crucial liquidity pool. The heatmap shows significant liquidity concentrated in this zone, representing an area with larger sell orders, stop-loss triggers, and potential liquidation prices.<\/p>\n Currently, Bitcoin\u2019s price is confined within two prominent liquidity zones. On one end, $50K is heavily defended by whales and larger market participants, preventing further declines.<\/p>\n Conversely, the $66K-$70K resistance presents a significant barrier due to the concentration of liquidity. In a broader sense, Bitcoin is trapped between these two critical levels, and a breakout from either side could lead to a liquidation cascade that amplifies the prevailing trend.<\/p>\n <\/a>Source: Coinglass<\/p>\n The post Bitcoin Price Analysis: BTC Tumbles to $64K as Bears Look to Reappear<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s recent price surge toward $66,000 has led to heightened optimism, but the market now faces a potential retracement phase. The $66K resistance level is proving to be a formidable barrier, and BTC is likely to undergo a period of consolidation or correction before determining its next major trend. Technical Analysis By Shayan The Daily […]<\/p>\n","protected":false},"author":0,"featured_media":10442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10441"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10441"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10442"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Daily Chart<\/h3>\n
The 4-Hour Chart<\/h3>\n
On-chain Analysis<\/h2>\n
![<\/a>Source: TradingView<\/p>\nThe 4-Hour Chart<\/h3>\nOn the 4-hour chart, Bitcoin\u2019s recent price action reveals a pattern of higher highs and higher lows, forming an upward trajectory from the crucial $55K support zone. This demand surge resulted in Bitcoin reclaiming the $65K swing high, triggering a short-squeeze and drawing liquidity from the resting sell orders in that area.<\/p>\nCurrently, the price has reached the zone between the 0.618 and 0.786 Fibonacci retracement levels, also known as the Optimal Trade Entry (OTE) levels. This region often acts as a substantial resistance level, and Bitcoin has already encountered heightened selling pressure, leading to a slight rejection from this range.<\/p>\nGiven the current market dynamics, Bitcoin is likely to enter a short-term corrective retracement phase, with the primary target being the $60K psychological support level. This temporary pullback would allow the market to digest the recent gains before potentially resuming the uptrend.<\/p>\n<\/a>Source: TradingView<\/p>\nOn-chain Analysis<\/h2>\nBy Shayan<\/a><\/p>\nAs Bitcoin\u2019s price continues to climb towards the $66K level, a closer examination of the Binance liquidation heatmap reveals the underlying dynamics driving the market\u2019s behavior. The heatmap highlights the critical liquidity zones influencing the price action.<\/p>\n$50,000 is a crucial support zone, as evidenced by the substantial liquidity below this threshold. This liquidity represents stop-loss orders and liquidation levels, predominantly from larger market participants, including whales. On the other hand, the $66K-$70K range is another crucial liquidity pool. The heatmap shows significant liquidity concentrated in this zone, representing an area with larger sell orders, stop-loss triggers, and potential liquidation prices.<\/p>\nCurrently, Bitcoin\u2019s price is confined within two prominent liquidity zones. On one end, $50K is heavily defended by whales and larger market participants, preventing further declines.<\/p>\nConversely, the $66K-$70K resistance presents a significant barrier due to the concentration of liquidity. In a broader sense, Bitcoin is trapped between these two critical levels, and a breakout from either side could lead to a liquidation cascade that amplifies the prevailing trend.<\/p>\n<\/a>Source: Coinglass<\/p>\nThe post Bitcoin Price Analysis: BTC Tumbles to $64K as Bears Look to Reappear<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s recent price surge toward $66,000 has led to heightened optimism, but the market now faces a potential retracement phase. The $66K resistance level is proving to be a formidable barrier, and BTC is likely to undergo a period of consolidation or correction before determining its next major trend. Technical Analysis By Shayan The Daily […]<\/p>\n","protected":false},"author":0,"featured_media":10442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10441"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10441"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10442"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/BTC-D-2-scaled.jpg\"){kind=link}
![<\/a>Source: TradingView<\/p>\nOn-chain Analysis<\/h2>\nBy Shayan<\/a><\/p>\nAs Bitcoin\u2019s price continues to climb towards the $66K level, a closer examination of the Binance liquidation heatmap reveals the underlying dynamics driving the market\u2019s behavior. The heatmap highlights the critical liquidity zones influencing the price action.<\/p>\n$50,000 is a crucial support zone, as evidenced by the substantial liquidity below this threshold. This liquidity represents stop-loss orders and liquidation levels, predominantly from larger market participants, including whales. On the other hand, the $66K-$70K range is another crucial liquidity pool. The heatmap shows significant liquidity concentrated in this zone, representing an area with larger sell orders, stop-loss triggers, and potential liquidation prices.<\/p>\nCurrently, Bitcoin\u2019s price is confined within two prominent liquidity zones. On one end, $50K is heavily defended by whales and larger market participants, preventing further declines.<\/p>\nConversely, the $66K-$70K resistance presents a significant barrier due to the concentration of liquidity. In a broader sense, Bitcoin is trapped between these two critical levels, and a breakout from either side could lead to a liquidation cascade that amplifies the prevailing trend.<\/p>\n<\/a>Source: Coinglass<\/p>\nThe post Bitcoin Price Analysis: BTC Tumbles to $64K as Bears Look to Reappear<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s recent price surge toward $66,000 has led to heightened optimism, but the market now faces a potential retracement phase. The $66K resistance level is proving to be a formidable barrier, and BTC is likely to undergo a period of consolidation or correction before determining its next major trend. Technical Analysis By Shayan The Daily […]<\/p>\n","protected":false},"author":0,"featured_media":10442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10441"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10441"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10442"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/BTC-4H-2-scaled.jpg\"){kind=link}
![<\/a>Source: Coinglass<\/p>\nThe post Bitcoin Price Analysis: BTC Tumbles to $64K as Bears Look to Reappear<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s recent price surge toward $66,000 has led to heightened optimism, but the market now faces a potential retracement phase. The $66K resistance level is proving to be a formidable barrier, and BTC is likely to undergo a period of consolidation or correction before determining its next major trend. Technical Analysis By Shayan The Daily […]<\/p>\n","protected":false},"author":0,"featured_media":10442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10441"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10441"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10442"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-scaled.jpg\"){kind=link}