Bitcoin Reaches New High, Faces Potential Short-Term Correction

On October 29th, Bitcoin achieved a new all-time high of $73,620 on Binance, marking a significant milestone in open interest. Despite this achievement, Bitcoin has since retreated from the $70,000 level, indicating a potential short-term correction phase.

Data from Realized Price - UTXO Age Bands reveals that the average acquisition cost for recent Bitcoin buyers is between $69,549 and $70,733. Should the price correct further to the $63,000-$66,000 range, we may observe profit-taking from lower-level buyers and panic selling from recent high-level buyers.

In the coming days, identifying the support level will be crucial for understanding the market's potential trajectory.