Bitcoin recently rose above $63,000, reviving hopes during "uptober," but has since fallen to around $60,000. This retreat has prompted discussions about a possible correction before a significant move. CryptoQuant analyst Aytekin questions if a shakeout is imminent prior to another Bitcoin surge.
In the CryptoQuant QuickTake platform, the analyst noted high open interest exceeding $18 billion, historically leading to corrections. The market is divided, with opinions split between imminent upward moves and persistent downward trends. Some suggest a shakeout may happen before reaching a new all-time high.
Aytekin highlights that while funding rates slightly exceed the 200-day simple moving average, indicating long traders' dominance, substantial corrections often occur with negative funding rates, yet this shift hasn't occurred. Therefore, any resulting correction might be moderate.
Bitcoin's recent price movements reflect ongoing indecision, struggling to maintain above $60,000 and failing to recover $70,000. After a short-lived climb to $63,774, Bitcoin fell 2.9% to $60,485 in the last 24 hours.
Crypto analyst Ali points out that Bitcoin remains in a "descending parallel channel," suggesting potential declines to $58,000 or $52,000. A bullish breakout is unlikely without surpassing the $66,000 resistance, crucial in recent weeks for upward momentum.
