Bitcoin Nearing $60K: Is a Major Correction Ahead? 📉
After briefly surging past $63,000, Bitcoin has dropped below $60,000 today, raising questions about the market's direction. Analyst Aytekin from CryptoQuant suggested that a final shakeout could precede the next significant move.
Key Insights:
Bitcoin has crossed the $18 billion open interest threshold, a level historically linked to major corrections.
The market is split: some predict a substantial upward movement, while others anticipate continued downtrends.
Aytekin noted that financing rates are currently just above the 200-day SMA, indicating dominance among long traders, but large corrections often follow when rates turn negative—something that hasn’t occurred yet.
He suggests that while a last shakeout is possible, it may be milder due to low financing rates.
Current BTC Outlook:
Bitcoin is showing signs of hesitation, struggling to break key resistance levels. It recently fell 2.9% to $60,485, following a climb to $63,774 earlier this week, which had sparked hopes for movement beyond $65,000 and $70,000. Expert Ali has pointed out that Bitcoin is still within a “descending parallel channel.”
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