Bitcoin (BTC) is facing a potential deeper pullback after a weekend price drop led to $200 million in long positions being liquidated. Popular trader Titan of Crypto suggests BTC could hit a local bottom at $66,200 before bouncing back. This comes after BTC failed to close above a key trend line, signaling further potential declines.

Market nerves are high with the upcoming U.S. Presidential Election and the Federal Reserve's interest rate decision. Despite a dip below $69,000, interest in BTC remains strong, with open interest for futures and options reaching record highs. Traders are watching closely for a bounce between $65,000 and $69,000, with some seeing potential for another impulsive move if support holds.