Bitcoin decides fate of $ 60,000 as weekly close keeps BTC traders on their toes

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Bitcoin (BTC) is holding a crucial weekly support test on October 23 after impulse sellers moved large amounts of BTC to the main Binance exchange.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBTC dice with $ 60,000

BTC / USD is keeping traders nervous until Saturday, according to data from Cointelegraph Markets Pro and TradingView, deciding the fate of the $ 60,000 support.

The level had proven to be the first major area of ​​interest from buyers overnight after former historic highs at $ 64,900 failed to support the market.

While analysts remain bullish for longer periods, the decline creates an interesting close of the current weekly candle.

Last week #BTC Weekly Closed above an area of ​​major historical resistance (red)

This week $ BTC may dive to the same area but this time to make it a support

A new weekly test could soon be underway # Crypto #Bitcoin pic.twitter.com/j8yGm7g5bt

– Rekt Capital (@rektcapital) October 22, 2021

For Cointelegraph contributor Michaël van de Poppe, however, called the correction “good” and maintained his prognosis of a macro price top of up to $ 300,000.

Elsewhere, a popular theory revolves around a structured foreclosure of over-leveraged traders, who have driven funding rates to classic unsustainable levels during the race to all-time highs of $ 67,100.

The US’s first Bitcoin ETF also remains a major topic of debate, as the popular BitBit Twitter account noted.

around $ 1.25 trillion was injected into the market in the space of exactly 3 months, before ETF approval. now you’re telling me some big pockets didn’t have this information before you could guess.

1.25 trillion.

– Bitbit BTFD (3, 3) (,) (,) crypto (@BitBitCrypto) October 23, 2021 Binance reserves increase

As currency balances globally continue to decline, Binance has seen a dramatic increase in its reserves in recent days.

Related: 22/10 Price Analysis: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

According to data from the statistical resource Bybt, these rose by over 50,000 BTC to almost 400,000 BTC on Friday.

Bitcoin balance on Binance. Source: Bybt

Rises in foreign exchange reserves tend to signify a desire to sell or have BTC to sell in the short term.

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