Bitcoin (BTC) is preparing for a crucial weekly support test on October 23, when impulsive sellers moved large amounts of BTC to major exchange Binance.
$60,000. BTC dice with
BTC/USD is troubling traders on Saturday, with data from Cointelegraph Markets Pro and TradingView showing that the $60,000 support has decided the fate.
This level proved to be the first major area of interest for buyers overnight after the market failed to push past the old all-time high of $64,900.
While analysts remain bullish on the longer time frame, the downside is creating an interesting situation near the current weekly candle.
Last week, #B T c Weekly close above a historical key resistance area (red)
This week, $BTC Maybe dipping towards the same area but this time to turn it into Sahara
— Rect Capital (@rektcapital) 22 October 2021
Elsewhere, a popular theory swirling Around a structured flushing from overleveraged traders, these pushed funding rates to the classic volatile level at an all-time high of $67,100.
The United States’ first bitcoin ETF front-running is still a major topic of debate, as noted by the popular Twitter account BitBit.
Nearly $1.25 trillion was injected into the market in a period of just 3 months from ETF approval. Now you tell me that some big pockets didn’t have this information before you guessed.
– BitBit BTFD(3, 3)(,)(,)crypto[@BitBitCrypto] 23 October 2021
Binance Reserve shoots higher
While exchange balances have been largely decreasing, Binance, meanwhile, has seen its reserves increase dramatically in recent days.
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These increased from 50,000 BTC to nearly 400,000 BTC as of Friday, according to statistics from statistics resource Bybt.
Exchange reserves uptick indicating willingness to sell or BTC available to sell at short notice.