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Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) faces a “more profound pullback” after weekend BTC price weakness cost longs $200 million.
In his <a data-ct-non-breakable="null" href="https://x.com/Washigorira/status/1853030203372474375" rel="noopener noreferrer nofollow" target="null" text="null" title="null">latest market analysis</a> on X, popular trader Titan of Crypto joined those warning of a deeper correction on BTC/USD.
<h2 id="daily-timeframe-btc-price-battle-rages">Daily timeframe BTC price battle rages</h2>
Bitcoin continues to struggle after <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-speculators-3-7-b-exchanges-btc-price-loses-70k" rel="noopener noreferrer nofollow" target="null" text="null" title="null">rejecting near all-time highs</a> of $73,800 earlier this week.
Market nerves over the upcoming United States Presidential Election have compounded an already overheated Bitcoin trading environment where open interest hit record highs.
Now, observers see the risk of further BTC price retracement before its uptrend resumes.
“Local Bottom at $66,200 Before a Bounce?” Titan of Crypto queried.
An accompanying chart showed Ichimoku cloud data for 1-day timeframes, with price deviating below one of the indicator’s key trend lines, Tenkan-sen.
“BTC couldn’t close above Tenkan, signaling a possible more profound pullback,” he continued.&nbsp;
<blockquote>
 “If the breakout is confirmed, we might see a retest of Kijun around $66,200, which could mark a local bottom.”
</blockquote>
<figure><img alt="Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M" src="https://s3.cointelegraph.com/uploads/2024-11/0192f1d7-99d9-70c3-b3d4-9cdad214a589" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 1-day chart with Ichimoku cloud data. Source: Titan of Crypto/X
 </figcaption>
</figure>
Previously, Titan of Crypto <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-traders-levels-us-jobs-shock-btc-price-past-71k" rel="noopener noreferrer nofollow" target="null" text="null" title="null">named $71,300</a> as an important resistance level to flip to support while examining Ichimoku on monthly timeframes.
<h2 id="br-bitcoin-traders-line-up-bounce-zones"> Bitcoin traders line up bounce zones</h2>
Bitcoin meanwhile <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coinglass.com/LiquidationData">liquidated $200 million</a> of long positions on its way down to current levels, which included a brief drop below $68,000.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-new-fomo-top-bitcoin-etf-inflows-1b-daily" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC price risks new 'FOMO' top as Bitcoin ETF inflows near $1B daily</a>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="null" text="null" title="null">TradingView</a> reveals only a modest rebound occurring thereafter, leading to more BTC price downside predictions.
<figure><img alt="Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M" src="https://s3.cointelegraph.com/uploads/2024-11/0192f1dc-9801-746d-9d28-20276bd7a1f7" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
Popular trader Credible Crypto <a data-ct-non-breakable="null" href="https://x.com/CredibleCrypto/status/1852794670616637472" rel="noopener noreferrer nofollow" target="null" text="null" title="null">called</a> the area between $65,000 and $69,000 a “must bounce zone,” reiterating that the week’s trip to near all-time highs may remain an upside deviation.
“For now, let's see if we can get this bounce and then we can take it from there,” he concluded on Nov. 3 while warning of a “larger correction.”
<figure><img alt="Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M" src="https://s3.cointelegraph.com/uploads/2024-11/0192f1db-808a-70e2-a699-a725394194d3" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/SuperBitcoinBro/status/1852937466413715606" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/SuperBitcoinBro/status/1852937466413715606">SuperBro</a>
 </figcaption>
</figure>
Others had more faith in a market reversal.
“Bitcoin has Pullback onto Fibonacci 0.618 level, which is a common support for a healthy pullback,” fellow trader Alan Tardigrade <a data-ct-non-breakable="null" href="https://x.com/TATrader_Alan/status/1852980793460801568" rel="noopener noreferrer nofollow" target="null" text="null" title="null">noted</a>.&nbsp;
<blockquote>
 “If this level holds up $BTC, there will be another impulsive moves.”
</blockquote>
<figure><img alt="Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M" src="https://s3.cointelegraph.com/uploads/2024-11/0192f1d9-bb65-7878-ab73-0a452614d4b4" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with Fibonacci levels. Source: Alan Tardigrade/X 
 </figcaption>
</figure>
Trading sources concurred about the risk of heightened volatility during election week, which also plays host to the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/most-bullish-weekly-close-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/most-bullish-weekly-close-5-things-bitcoin-this-week">Federal Reserve’s next decision</a> on interest rates.
“Despite Bitcoin’s dip below $69,000 on Friday, we continue to see significant interest in the market, with OI for both total BTC futures and BTC options staying heightened at $40.65b and $25.3b respectively (an increase of +24.20% and +36.76% compared to the start of Oct),” trading firm QCP Capital reported in part of its latest bulletin to Telegram channel subscribers.
<blockquote>
 &nbsp;“Options market is trading BTC 7 day implied vols at 74.4%, substantially higher than the past 7 day realised vols of 41.4%, indicating a significant risk premium around the elections.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M

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