Bitcoin (BTC) faces a “more profound pullback” after weekend BTC price weakness cost longs $200 million.
In his latest market analysis on X, popular trader Titan of Crypto joined those warning of a deeper correction on BTC/USD.
Daily timeframe BTC price battle rages
Bitcoin continues to struggle after rejecting near all-time highs of $73,800 earlier this week.
Market nerves over the upcoming United States Presidential Election have compounded an already overheated Bitcoin trading environment where open interest hit record highs.
Now, observers see the risk of further BTC price retracement before its uptrend resumes.
“Local Bottom at $66,200 Before a Bounce?” Titan of Crypto queried.
An accompanying chart showed Ichimoku cloud data for 1-day timeframes, with price deviating below one of the indicator’s key trend lines, Tenkan-sen.
“BTC couldn’t close above Tenkan, signaling a possible more profound pullback,” he continued.
“If the breakout is confirmed, we might see a retest of Kijun around $66,200, which could mark a local bottom.”
BTC/USDT 1-day chart with Ichimoku cloud data. Source: Titan of Crypto/X
Previously, Titan of Crypto named $71,300 as an important resistance level to flip to support while examining Ichimoku on monthly timeframes.
Bitcoin traders line up bounce zones
Bitcoin meanwhile liquidated $200 million of long positions on its way down to current levels, which included a brief drop below $68,000.
Related: BTC price risks new ‘FOMO’ top as Bitcoin ETF inflows near $1B daily
Data from Cointelegraph Markets Pro and TradingView reveals only a modest rebound occurring thereafter, leading to more BTC price downside predictions.
BTC/USD 1-hour chart. Source: TradingView
Popular trader Credible Crypto called the area between $65,000 and $69,000 a “must bounce zone,” reiterating that the week’s trip to near all-time highs may remain an upside deviation.
“For now, let’s see if we can get this bounce and then we can take it from there,” he concluded on Nov. 3 while warning of a “larger correction.”
Source: SuperBro
Others had more faith in a market reversal.
“Bitcoin has Pullback onto…
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