Crash

bullish

Bitcoin

Daily

<p>Bitcoin’s 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>
<h2 id="b-technical-analysis-b"><b>Technical Analysis</b></h2>
<p>By <a href="https://crypoptionhub.com/authors/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="b-the-daily-chart-b"><b>The Daily Chart</b></h3>
<p>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>
<p>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>
<figure id="attachment_363899" aria-describedby="caption-attachment-363899" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-Daily-Oct-2-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-363899" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="b-the-4-hour-chart-b"><b>The 4-Hour Chart</b></h3>
<p>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>
<p>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>
<figure id="attachment_363898" aria-describedby="caption-attachment-363898" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-2-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-363898 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-2-2024-scaled.jpg" alt="btc_price_chart_0210242" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-2-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-2-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-2-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-2-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-2-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-2-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-2-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-363898" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="b-on-chain-analysis-b"><b>On-Chain Analysis</b></h2>
<p>By <a href="https://crypoptionhub.com/authors/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="b-bitcoin-open-interest-b"><b>Bitcoin Open Interest</b></h3>
<p>While Bitcoin’s price has been dropping over the past few days, future market sentiment metrics are still overheated.</p>
<p>This chart presents the BTC open interest, which shows the number of open perpetual futures positions, both bullish and bearish.</p>
<p>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>
<figure id="attachment_363897" aria-describedby="caption-attachment-363897" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-363897 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-scaled.jpg" alt="btc_oi_chart_0210241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-363897" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-the-reason-behind-btcs-crash-to-60k-today/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: The Reason Behind BTC’s Crash to $60K Today</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: The Reason Behind BTC’s Crash to $60K Today

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