Bitcoin (BTC) dipped below $67,000 after the Oct. 21 Wall Street open amid “expected” United States sell pressure.
BTC/USD 1-hour chart. Source: TradingView
Traders consider deeper BTC price pullback next
Data from Cointelegraph Markets Pro and TradingView tracked 3% BTC price losses on the day.
These followed the highest weekly close in five months for BTC/USD, and market observers suggested that consolidation and support retests should now enter.
“Market selling off slightly today, as expected - and thats okay,” popular trader Jelle wrote in one of his latest X posts, calling the weekly chart “primed.”
BTC price forecasts included deeper retracements, with popular X account Emperor suggesting that $62,000 may reappear.
“H6 55EMA and high volume pocket between $66,000-500 should be a good area to watch for support, shorts will take profit here and should,” it told followers.
Emperor also eyed the 200-period exponential moving average (EMA) on 6-hour timeframes, currently around $63,300.
BTC/USD chart. Source: Emperor/X
“Trends are memes, mainly self-fulfilling prophecy but the mid-lone and bottom of the trend actually played significant for bounces for Bitcoin,” trader, analyst and commentator Josh Rafer continued.
“Watching for a potential re-test before higher.”
BTC/USD 1-day chart. Source: Josh Rager/X
Well-known commentator WhalePanda meanwhile vented frustration at the US reaction to Bitcoin’s attack of $69,000.
“US with another impressive $2k dump. Got to wonder where they keep getting the Bitcoin from to dump every day,” he responded.
Bitcoin needs to flip $69K for higher
The latest data from monitoring resource CoinGlass showed BTC/USD eating through bid-side liquidity as buyers added interest closer to $66,000.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Analyzing liquidity conditions on the largest global exchange, Binance, trading resource Material Indicators described Bitcoin as “having a flash sale.”
In a separate X discussion, co-founder Keith Alan stressed the need for full candles to close above $69,000 for bulls to have a chance at challenging the March all-time highs.
“There is indeed heavy ask liquidity stacked above $70k, but don’t overlook the significance of historical and technical resistance at the 2021 Top,” he wrote earlier in the day.
“We may see some high wicks, but I don't expect a sustainable run to ATH territory without full candles printing above $69k.”
BTC/USDT order book liquidity for Binance. Source: Material Indicators/X
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.
