What's the Latest on Bitcoin After a Very Volatile Day? Analysts Reveal Their Expectations and the Critical Level to Watch Out for in the…
Bitcoin (BTC) is experiencing a rather volatile day today. After breaking a new record high of $126,000 late yesterday, it retreated to $123,000 during the day.
However, with a subsequent upward wave, BTC started to rise again and rose above $125,000.
However, Bitcoin could not hold on here and fell suddenly to the $122,700 level again.
While people are wondering whether Bitcoin will continue to rise or experience a final decline, pseudonymous analyst Skew said in his X post that $124,000 is critical for the bulls to take control.
Passive selling on Coinbase and buyer selling on Binance Spot pushed Bitcoin’s decline to $123.2K.
A large number of long positions have been closed and continue to be closed with OI and price falling.
“$124,000 is still significant.”
Popular investor BitBull, on the other hand, evaluated Bitcoin’s recent movements and said that BTC is currently trying to turn its previous ATH into support.
“I wouldn’t be surprised to see a drop below this level ($123,690), but overall a few weeks of closes above $123,000 are needed for a rally. This would set the stage for a 20-30% rally in the coming weeks,” the analyst said.
Finally, QCP Capital analysts also stated in their latest analysis that institutional demand will determine whether the rise in Bitcoin will be permanent: “Ultimately, institutional flows and macro conditions will decide whether BTC’s October rally will turn into another parabolic leg or turn into consolidation.”
*This is not investment advice.