đ URGENT: Bitcoin About To CRASH again?!
Bitcoin has shown strong recovery in recent days, climbing over 7.5% and nearing the $68,000 mark. However, while things seem bullish on the surface, some factors suggest a potential sharp correction could be brewing.
Why? Letâs break it down:
1. Overheating Market: 90% of Holders Are in Profit
As Bitcoin broke through $67,000, a significant portion of investors flipped into profit. Currently, 91.5% of BTC holders are in the green. Historically, such a high number of profitable positions often precedes a pullback, as many investors look to lock in gains. This surge in profit-taking could trigger downward pressure on BTC.
2. Record-High Bitcoin Futures Open Interest
Another red flag comes from Bitcoin futures, where open interest hit an all-time high of $38.4 billion on October 16. A similar surge in September resulted in an 11.5% correction soon after. When open interest skyrockets like this, it often leads to volatile price action, as overleveraged positions get liquidated, pushing prices down.
3. Resistance at $68,000
Technically, Bitcoin is battling fierce resistance at $68,000âa key level it was rejected from back in July, leading to a 27% drop. If Bitcoin bulls fail to close above this resistance level, a drop back toward $61,000 is possible.
4. Ask Wall Building Up
Order book data shows a significant wall of sell orders building above $68,000. This could mean heavy selling pressure awaits if Bitcoin tries to breach this level, making it harder for bulls to sustain the rally.
The Bottom Line:
While Bitcoin has made a strong run, several warning signs point toward a potential price correction. High open interest, near-record profitability for holders, and stiff resistance at $68,000 suggest the next few days will be pivotal. If BTC canât flip $68K into support, we might see a pullback to $61,000.
Stay updated with @Professor Mende - Bonuz Ecosystem Founder !
#CryptoMarketNews #Bitcoin #BitcoinNews #BitcoinPrice #PriceAnalysis  $BTC
