Bitcoin Nearing $60K: Major Correction Ahead?

After temporarily surging beyond $63,000 in recent days, reviving investor enthusiasm on "uptober," Bitcoin has fallen below $60,000 today.

Aytekin, a CryptoQuant analyst, said, “Is it reasonable to expect a final shakeout before the next big move?” after this disappointing result.

Bitcoin Next Step: Major Correction?

The analyst said on CryptoQuant QuickTake that Bitcoin has crossed the $18 billion threshold, indicating a significant open interest zone. Open interest levels at this stage historically caused big corrections.

The market is divided, with some expecting BTC's next major up move and others expecting its downtrend to continue. Many believe BTC needs a last shakeout before reaching a new all-time high.

Aytekin stated that financing rates, slightly over the 200-day SMA, indicate long traders' dominance. Historically, large price corrections occurred when financing rates reached negative, which hasn't happened yet.

Aytekin stated that a last shakeout may occur, although the correction may be milder due to low financing rates.

A BTC Price Outlook

Bitcoin's recent price behavior demonstrates market hesitation as it struggles to breach critical resistance levels. Bitcoin has been over $60,000 for weeks, but it hasn't broken $70,000.

Bitcoin fell 2.9% to $60,485 in 24 hours. This dip followed the asset's short climb to $63,774 earlier in the week, which raised hopes of a move above $65,000 and $70,000.

Famous crypto expert Ali recently said that Bitcoin is still trading in a “descending parallel channel.”


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