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Bitcoin Decides $60K Fate as Weekly Closing Keeps BTC Traders on Their Toes

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.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$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.

However, for Cointelegraph contributor Michael van de Pope, Called Correction “Ok” and Maintained He estimates the macro value to be as high as $300,000.

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.

Binance Reserve shoots higher

While exchange balances have been largely decreasing, Binance, meanwhile, has seen its reserves increase dramatically in recent days.

RELATED: Price Analysis 10/22: BTC, ETH, BNB, ADA, XRP, SOL, DOT, Doge, Luna, UNI

These increased from 50,000 BTC to nearly 400,000 BTC as of Friday, according to statistics from statistics resource Bybt.

Bitcoin balance on Binance. Source: Bybt

Exchange reserves uptick indicating willingness to sell or BTC available to sell at short notice.

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