Bitcoin\u2019s price is currently trending down as a result of the potential war brewing in the Middle East. A key level is lost, which could lead to a further decline in the short term.<\/p>\n
By Edris Derakhshi (TradingRage)<\/a><\/p>\n In the daily timeframe, the BTC price dropped below the key $64K mark and the 200-day moving average, which is located around the same price mark. Currently, the $60K support level remains intact, as investors remain hopeful that this decline is a temporary pullback.<\/p>\n However, with the RSI also showing values slightly below 50%, the momentum is shifting bearish, and a move lower toward $56K remains a possibility.<\/p>\n <\/a>Source: TradingView<\/p>\n The 4-hour chart demonstrates a clear bearish shift in market structure in terms of classical price action. The market has decisively broken an important bullish trendline to the downside. Yet, the price bounced from the $60K level, as the RSI has also shown an oversold state in momentum.<\/p>\n Meanwhile, a complete rebound is still less probable, as the market structure suggests a deeper correction toward the $57K level is more likely. This scenario would, of course, fail if the price somehow climbs back above the $64K level soon.<\/p>\n <\/a>Source: TradingView<\/p>\n By Edris Derakhshi (TradingRage)<\/a><\/p>\n While Bitcoin\u2019s price has been dropping over the past few days, future market sentiment metrics are still overheated.<\/p>\n This chart presents the BTC open interest, which shows the number of open perpetual futures positions, both bullish and bearish.<\/p>\n As the recent drop suggests, the minimal decline in open interest indicates that a long liquidation cascade has not occurred yet. A capitulation event would be highly probable in the event of a further price decline, which could lead to a rapid market crash and push the price even lower toward the $50K area.<\/p>\n <\/a>Source: CryptoQuant<\/p>\n The post Bitcoin Price Analysis: The Reason Behind BTC\u2019s Crash to $60K Today<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price is currently trending down as a result of the potential war brewing in the Middle East. A key level is lost, which could lead to a further decline in the short term. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart In the daily timeframe, the BTC price dropped below the key $64K […]<\/p>\n","protected":false},"author":0,"featured_media":11019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11018","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\/11018"}],"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=11018"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11019"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11018"}],"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
Bitcoin Open Interest<\/h3>\n
![<\/a>Source: TradingView<\/p>\nThe 4-Hour Chart<\/h3>\nThe 4-hour chart demonstrates a clear bearish shift in market structure in terms of classical price action. The market has decisively broken an important bullish trendline to the downside. Yet, the price bounced from the $60K level, as the RSI has also shown an oversold state in momentum.<\/p>\nMeanwhile, a complete rebound is still less probable, as the market structure suggests a deeper correction toward the $57K level is more likely. This scenario would, of course, fail if the price somehow climbs back above the $64K level soon.<\/p>\n<\/a>Source: TradingView<\/p>\nOn-Chain Analysis<\/h2>\nBy Edris Derakhshi (TradingRage)<\/a><\/p>\nBitcoin Open Interest<\/h3>\nWhile Bitcoin\u2019s price has been dropping over the past few days, future market sentiment metrics are still overheated.<\/p>\nThis chart presents the BTC open interest, which shows the number of open perpetual futures positions, both bullish and bearish.<\/p>\nAs the recent drop suggests, the minimal decline in open interest indicates that a long liquidation cascade has not occurred yet. A capitulation event would be highly probable in the event of a further price decline, which could lead to a rapid market crash and push the price even lower toward the $50K area.<\/p>\n<\/a>Source: CryptoQuant<\/p>\nThe post Bitcoin Price Analysis: The Reason Behind BTC\u2019s Crash to $60K Today<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price is currently trending down as a result of the potential war brewing in the Middle East. A key level is lost, which could lead to a further decline in the short term. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart In the daily timeframe, the BTC price dropped below the key $64K […]<\/p>\n","protected":false},"author":0,"featured_media":11019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11018","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\/11018"}],"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=11018"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11019"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/10\/BTCUSDT-Daily-Oct-2-2024-scaled.jpg\"){kind=link}
![<\/a>Source: TradingView<\/p>\nOn-Chain Analysis<\/h2>\nBy Edris Derakhshi (TradingRage)<\/a><\/p>\nBitcoin Open Interest<\/h3>\nWhile Bitcoin\u2019s price has been dropping over the past few days, future market sentiment metrics are still overheated.<\/p>\nThis chart presents the BTC open interest, which shows the number of open perpetual futures positions, both bullish and bearish.<\/p>\nAs the recent drop suggests, the minimal decline in open interest indicates that a long liquidation cascade has not occurred yet. A capitulation event would be highly probable in the event of a further price decline, which could lead to a rapid market crash and push the price even lower toward the $50K area.<\/p>\n<\/a>Source: CryptoQuant<\/p>\nThe post Bitcoin Price Analysis: The Reason Behind BTC\u2019s Crash to $60K Today<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price is currently trending down as a result of the potential war brewing in the Middle East. A key level is lost, which could lead to a further decline in the short term. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart In the daily timeframe, the BTC price dropped below the key $64K […]<\/p>\n","protected":false},"author":0,"featured_media":11019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11018","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\/11018"}],"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=11018"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11019"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/10\/BTCUSDT-4H-Oct-2-2024-scaled.jpg\"){kind=link}
![<\/a>Source: CryptoQuant<\/p>\nThe post Bitcoin Price Analysis: The Reason Behind BTC\u2019s Crash to $60K Today<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price is currently trending down as a result of the potential war brewing in the Middle East. A key level is lost, which could lead to a further decline in the short term. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart In the daily timeframe, the BTC price dropped below the key $64K […]<\/p>\n","protected":false},"author":0,"featured_media":11019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11018","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\/11018"}],"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=11018"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11019"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-scaled.jpg\"){kind=link}