{"id":647335,"date":"2024-10-11T02:00:44","date_gmt":"2024-10-11T02:00:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=647335"},"modified":"2024-10-10T17:01:48","modified_gmt":"2024-10-10T17:01:48","slug":"bitcoin-on-the-brink-will-60k-hold-or-is-a-major-correction-coming","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-on-the-brink-will-60k-hold-or-is-a-major-correction-coming\/","title":{"rendered":"Bitcoin On The Brink: Will $60K Hold Or Is A Major Correction Coming?"},"content":{"rendered":"

After briefly rising above $63,000 in recent days, renewing investor’s hope on “uptober,” Bitcoin has once again dampened this excitement by decreasing to as low as the $60,000 region<\/a> today.<\/p>\n

This unappealing performance has led to a CryptoQuant analyst, Aytekin, raising and sharing insight on an important question: “Is it reasonable to expect a final shakeout before the next big move?”<\/p>\n

Related Reading: Is The Worst Over For Bitcoin? Analyst Suggests Local Bottom May Be Here<\/a><\/div>\n

Bitcoin Next Move: Major Correction Looming?<\/h2>\n

In a recent post<\/a> on the CryptoQuant QuickTake platform, the analyst explained that Bitcoin is currently in a high open interest zone, having exceeded the critical $18 billion level. Historically, when open interest levels reached this point, major corrections followed.<\/p>\n

\"Bitcoin
Bitcoin open interest. | Source: CryptoQuant<\/figcaption><\/figure>\n

The analyst mentioned that the current market sentiment appears divided, noting:<\/p>\n

The market seems indecisive in many aspects, with some believing that the next big upside move is on the horizon, while others think BTC’s downward trend remains strong. A common belief is that BTC may need a final shakeout before surging to a new all-time high (ATH).<\/p><\/blockquote>\n

Aytekin added that funding rates, though slightly above the 200-day simple moving average (SMA), suggest that long traders are still dominant<\/a>. However, significant price corrections in the past often occurred when funding rates turned negative, which hasn\u2019t happened yet.<\/p>\n

\"Bitcoin
Bitcoin funding rates. | Source: CryptoQuant<\/figcaption><\/figure>\n

Aytekin concluded that, while a final shakeout might occur, the depth of the correction may not be as severe given the relatively moderate funding rates.<\/p>\n

BTC Price Outlook<\/h2>\n

As Bitcoin has struggled to break through key resistance levels, its recent price action reflects ongoing market indecision. Over the past few weeks, Bitcoin maintained stability above the $60,000 mark, but failed to make a major move to reclaim $70,000<\/a>.<\/p>\n

In the past 24 hours, Bitcoin has slipped by 2.9%, currently trading at $60,485. This decline follows the asset\u2019s brief surge to $63,774 earlier in the week, which sparked optimism for a possible move toward<\/a> the $65,000 and then $70,000 mark.<\/p>\n

\"Bitcoin
BTC price is moving upwards on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Prominent crypto analyst Ali recently commented on Bitcoin\u2019s price action, noting that Bitcoin is still trading within a “descending parallel channel.”<\/p>\n

\"Bitcoin
Bitcoin trading within descending parallel channel. | Source: TradingView<\/figcaption><\/figure>\n

According to Ali, the asset was rejected at the upper boundary of this channel, signalling the potential for further downside. “We might see a drop to the middle boundary at $58,000 or even the lower boundary at $52,000,” Ali noted in a post on X.<\/p>\n

Related Reading: Bitcoin\u2019s Path To $80,000 \u201cMelt-Up\u201d In Q4 2024 \u2013 Details Inside<\/a><\/div>\n

He emphasized that a bullish breakout is unlikely unless Bitcoin clears the $66,000 level, a price point that has acted as a significant resistance<\/a> point in recent weeks.<\/p>\n

\n

#Bitcoin<\/a> remains stuck in a descending parallel channel.<\/p>\n

After the recent rejection at the upper boundary, we might see a drop to the middle boundary at $58,000 or even the lower boundary at $52,000. A bullish breakout won’t happen until $BTC<\/a> clears $66,000! pic.twitter.com\/yFvS6jxmKB<\/a><\/p>\n

\u2014 Ali (@ali_charts) October 9, 2024<\/a><\/p><\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

After briefly rising above $63,000 in recent days, renewing investor’s hope on “uptober,” Bitcoin has once again dampened this excitement by decreasing to as low as the $60,000 region today. This unappealing performance has led to a CryptoQuant analyst, Aytekin, raising and sharing insight on an important question: “Is it reasonable to expect a final shakeout before the next big move?” Related Reading: Is The Worst Over For Bitcoin? Analyst Suggests Local Bottom May Be Here Bitcoin Next Move: Major Correction Looming? In a recent post on the CryptoQuant QuickTake platform, the analyst explained that Bitcoin is currently in a high open interest zone, having exceeded the critical $18 billion level. Historically, when open interest levels reached this point, major corrections followed. The analyst mentioned that the current market sentiment appears divided, noting: The market seems indecisive in many aspects, with some believing that the next big upside move is on the horizon, while others think BTC’s downward trend remains strong. A common belief is that BTC may need a final shakeout before surging to a new all-time high (ATH). Aytekin added that funding rates, though slightly above the 200-day simple moving average (SMA), suggest that long traders are still dominant. However, significant price corrections in the past often occurred when funding rates turned negative, which hasn\u2019t happened yet. Aytekin concluded that, while a final shakeout might occur, the depth of the correction may not be as severe given the relatively moderate funding rates. BTC Price Outlook As Bitcoin has struggled to break through key resistance levels, its recent price action reflects ongoing market indecision. Over the past few weeks, Bitcoin maintained stability above the $60,000 mark, but failed to make a major move to reclaim $70,000. In the past 24 hours, Bitcoin has slipped by 2.9%, currently trading at $60,485. This decline follows the asset\u2019s brief surge to $63,774 earlier in the week, which sparked optimism for a possible move toward the $65,000 and then $70,000 mark. Prominent crypto analyst Ali recently commented on Bitcoin\u2019s price action, noting that Bitcoin is still trading within a “descending parallel channel.” According to Ali, the asset was rejected at the upper boundary of this channel, signalling the potential for further downside. “We might see a drop to the middle boundary at $58,000 or even the lower boundary at $52,000,” Ali noted in a post on X. Related Reading: Bitcoin\u2019s Path To $80,000 \u201cMelt-Up\u201d In Q4 2024 \u2013 Details Inside He emphasized that a bullish breakout is unlikely unless Bitcoin clears the $66,000 level, a price point that has acted as a significant resistance point in recent weeks. #Bitcoin remains stuck in a descending parallel channel. After the recent rejection at the upper boundary, we might see a drop to the middle boundary at $58,000 or even the lower boundary at $52,000. A bullish breakout won’t happen until $BTC clears $66,000! pic.twitter.com\/yFvS6jxmKB \u2014 Ali (@ali_charts) October 9, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":647342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,6664,10923,83531],"class_list":["post-647335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\nBitcoin On The Brink: Will $60K Hold Or Is A Major Correction Coming?<\/title>\n<meta name=\"description\" content=\"After briefly rising above $63,000 in 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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