Bitcoin hit a record high of $73,620 on Binance on October 29, but has now fallen back from the $70K level. Price and open interest are showing signs of a short-term correction.

Realized Price - UTXO Age Bands data shows the average acquisition cost for participants who bought Bitcoin in the past week is between $69,549 and $70,733. If the price corrects further to the $63K-$66K range, we may see profit-taking from buyers at lower levels, as well as potential panic selling from new buyers reacting to the drop.

Determining support levels in the coming days will be key to understanding the potential direction of the market.