 Bitcoin drops 3% as US sellers spark sub-$65K BTC price targets 
2024-10-21

Bitcoin BTCUSD dipped below $67,000 after the Oct. 21 Wall Street open amid “expected” United States sell pressure.
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 BTCUSD, 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.
“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.

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 BTCUSD eating through bid-side liquidity as buyers added interest closer to $66,000.
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.

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.