bullish

Bitcoin

Notable

Daily

<p>Bitcoin’s recent price surge toward $66,000 has led to heightened optimism, but the market now faces a potential retracement phase.</p>
<p>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>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>Bitcoin recently experienced a strong bullish surge, reaching the critical $66K resistance region after originating from a significant support level of around $55K.</p>
<p>This bullish momentum was driven by improved market sentiment and buying activity. However, upon nearing the $66K threshold, Bitcoin’s price faced considerable selling pressure, leading to a slight rejection.</p>
<p>This range represents a significant resistance level that aligns with BTC’s 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>
<figure id="attachment_363461" aria-describedby="caption-attachment-363461" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTC-D-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-363461" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>On the 4-hour chart, Bitcoin’s 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>
<p>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>
<p>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>
<figure id="attachment_363462" aria-describedby="caption-attachment-363462" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTC-4H-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-363462 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/09/BTC-4H-2-scaled.jpg" alt="btc_price_chart_3009242" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/BTC-4H-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/BTC-4H-2-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/BTC-4H-2-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/BTC-4H-2-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/BTC-4H-2-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/BTC-4H-2-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/BTC-4H-2-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-363462" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="on-chain-analysis">On-chain Analysis</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<p>As Bitcoin’s price continues to climb towards the $66K level, a closer examination of the Binance liquidation heatmap reveals the underlying dynamics driving the market’s behavior. The heatmap highlights the critical liquidity zones influencing the price action.</p>
<p>$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>
<p>Currently, Bitcoin’s 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>
<p>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>
<figure id="attachment_363460" aria-describedby="caption-attachment-363460" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-363460 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/09/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-scaled.jpg" alt="btc_liquidation_heatmap_chart_3009241" width="2560" height="1877" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-300x220.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-1024x751.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-768x563.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-1536x1126.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-2048x1502.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/Binance_BTC_USDT_Liquidation_Heatmap3_month_2024_09_30_12_50_36-50x37.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-363460" class="wp-caption-text">
  Source: Coinglass
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-btc-tumbles-to-64k-as-bears-look-to-reappear/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: BTC Tumbles to $64K as Bears Look to Reappear</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: BTC Tumbles to $64K as Bears Look to Reappear

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