Bitcoin Dumps 4% But Will BTC Drop From or Break $66,000?

Bitcoin is down at press time following losses of September 30. The world’s most valuable coin is now below the resistance zone of between $65,000 and $66,000. If bears press on today, extending losses, then the probability of BTC slipping below $62,000 will be elevated. The primary support zone is around the $58,000 and $60,000 zone. Buyers have a chance should prices remain in the September 2024 trade range. On the other hand, a breakout lifting the coin above $66,000 will be a huge boost for aggressive traders angling for $70,000 or better.

In the short term, traders are optimistic despite the sell-off. Even though prices fell slightly on the last day, the coin remains above $60,000. The retracement from the local resistance means Bitcoin is down nearly 4% in 24 hours. At the same time, the average trading volume is up, reaching $35 billion in the previous day.

The following trending Bitcoin news events are worth watching:

• Bitcoin is retracing at spot rates. However, the uptrend will be solid if the coin bounces, recovering and breaking above $66,000. Trackers show that if BTC breaks $70,000, over $1.6 billion of leveraged shorts will be liquidated.
• In September, the coin defied historical performance to register gains. By yesterday’s close, BTC had shaken off early September losses to add a decent 7%–the best over the years.

Bitcoin Price Analysis

BTC/USD is weak when writing.

The retracement has a double bear formation printing.

Aggressive traders can choose to ride the trend, shorting since the bar had decent, above-average trading volume.

The immediate stop can be at September highs, at around $66,500.

If sellers press on, BTC might slip back to $60,000.

Conservative, risk-off traders can wait for a close above $66,000 and September highs before considering longs. When this happens, Bitcoin can easily rise to $70,000.