{"id":13075,"date":"2024-10-11T02:00:44","date_gmt":"2024-10-11T02:00:44","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13075"},"modified":"2024-10-11T02:00:44","modified_gmt":"2024-10-11T02:00:44","slug":"bitcoin-on-the-brink-will-60k-hold-or-is-a-major-correction-coming","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13075","title":{"rendered":"Bitcoin On The Brink: Will $60K Hold Or Is A Major Correction Coming?"},"content":{"rendered":"

After briefly rising above $63,000 in recent days, renewing investor\u2019s hope on \u201cuptober,\u201d Bitcoin has once again dampened this excitement by decreasing to as low as the $60,000 region<\/a> today.<\/p>\n

This unappealing performance has led to a CryptoQuant analyst, Aytekin, raising and sharing insight on an important question: \u201cIs it reasonable to expect a final shakeout before the next big move?\u201d<\/p>\n

Bitcoin Next Move: Major Correction Looming?<\/h2>\n

In a recent post<\/a> on the CryptoQuant QuickTake platform, the analyst explained that Bitcoin is currently in a high open interest zone, having exceeded the critical $18 billion level. Historically, when open interest levels reached this point, major corrections followed.<\/p>\n

The analyst mentioned that the current market sentiment appears divided, noting:<\/p>\n

The market seems indecisive in many aspects, with some believing that the next big upside move is on the horizon, while others think BTC\u2019s downward trend remains strong. A common belief is that BTC may need a final shakeout before surging to a new all-time high (ATH).<\/p>\n

Aytekin added that funding rates, though slightly above the 200-day simple moving average (SMA), suggest that long traders are still dominant<\/a>. However, significant price corrections in the past often occurred when funding rates turned negative, which hasn\u2019t happened yet.<\/p>\n

Aytekin concluded that, while a final shakeout might occur, the depth of the correction may not be as severe given the relatively moderate funding rates.<\/p>\n

BTC Price Outlook<\/h2>\n

As Bitcoin has struggled to break through key resistance levels, its recent price action reflects ongoing market indecision. Over the past few weeks, Bitcoin maintained stability above the $60,000 mark, but failed to make a major move to reclaim $70,000<\/a>.<\/p>\n

In the past 24 hours, Bitcoin has slipped by 2.9%, currently trading at $60,485. This decline follows the asset\u2019s brief surge to $63,774 earlier in the week, which sparked optimism for a possible move toward<\/a> the $65,000 and then $70,000 mark.<\/p>\n

Prominent crypto analyst Ali recently commented on Bitcoin\u2019s price action, noting that Bitcoin is still trading within a \u201cdescending parallel channel.\u201d<\/p>\n

According to Ali, the asset was rejected at the upper boundary of this channel, signalling the potential for further downside. \u201cWe might see a drop to the middle boundary at $58,000 or even the lower boundary at $52,000,\u201d Ali noted in a post on X.<\/p>\n

He emphasized that a bullish breakout is unlikely unless Bitcoin clears the $66,000 level, a price point that has acted as a significant resistance<\/a> point in recent weeks.<\/p>\n

#Bitcoin<\/a> remains stuck in a descending parallel channel.<\/p>\n

After the recent rejection at the upper boundary, we might see a drop to the middle boundary at $58,000 or even the lower boundary at $52,000. A bullish breakout won\u2019t happen until $BTC<\/a> clears $66,000! pic.twitter.com\/yFvS6jxmKB<\/a><\/p>\n

\u2014 Ali (@ali_charts) October 9, 2024<\/a><\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

After briefly rising above $63,000 in recent days, renewing investor\u2019s hope on \u201cuptober,\u201d Bitcoin has once again dampened this excitement by decreasing to as low as the $60,000 region today. This unappealing performance has led to a CryptoQuant analyst, Aytekin, raising and sharing insight on an important question: \u201cIs it reasonable to expect a final […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13075","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13075"}],"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=13075"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13075\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}