BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

Bitcoin Faces Potential Correction as Traders Eye Support Levels Near $66K

by Matoy
November 3, 2024
in BREAKING NEWS, BUSINESS
Reading Time: 2 mins read
A A
1
SHARES
24
VIEWS
Share on XShare in TelegramShare on Reddit
  • Bitcoin fell below $69,000, triggering $200 million in liquidated long positions as volatility looms.
  • Analysts see key support at $66,200, with potential for further declines before a rebound.
  • Market interest remains strong with increased open interest in futures and options amid U.S. election concerns.

Bitcoin is facing potential pressure as traders observe further corrective movements following a price dip that liquidated long positions worth $200 million. The latest analysis from Titan of Crypto highlighted that Bitcoin, after nearing all-time highs of $73,800, may undergo a deeper correction. Market sentiment has become cautious with the added complexity of the upcoming U.S. presidential election and high open interest in trading markets.

Source: Titan of Crypto on X

Key Support Levels and Analyst Projections

Titan of Crypto shared insights, showing that Bitcoin’s price struggled to close above the Tenkan-sen, a trend line within the Ichimoku cloud indicator. This failure indicates that Bitcoin might move toward the Kijun level at approximately $66,200, a point that could act as a temporary floor before any potential rebound.

On November 3, Credible Crypto emphasized the area between $65,000 and $69,000 as critical, mentioning that a bounce in this range is essential to avert a deeper slide. The recent high was noted as possibly being an upward deviation that may not hold.

Volatility and Market Dynamics

The past week’s decline, including a drop under $68,000, came with only a limited recovery, prompting traders to predict further downside. Alan Tardigrade pointed out that Bitcoin had touched the 0.618 Fibonacci level, often considered a healthy retracement point, suggesting a possible path for an upward move if support holds.

Trading firm QCP Capital indicated that interest in Bitcoin remains robust, with open interest for futures and options rising by 24.2% and 36.76% since early October. The firm noted that 7-day implied volatility has climbed to 74.4%, compared to the realized volatility of 41.4% over the past week, reflecting a risk premium as the election week approaches.

TweetShareShare
Previous Post

Bitcoin Shows Resilience as Institutional Adoption Strengthens, Says Adam Back

Next Post

Crypto Sector Hit by $129.6M in October Losses: Here is Why

DON'T MISS THESE! HOT OFF THE PRESS

Coinbase Introduces ‘Coinbase Payments’ Bringing Gasless USDC Checkout to Shopify
BUSINESS

Coinbase Introduces ‘Coinbase Payments’ Bringing Gasless USDC Checkout to Shopify

June 18, 2025
Apple, Airbnb, and Google Eye Stablecoin Integration for Crypto Payments
BUSINESS

Apple, Airbnb, and Google Eye Stablecoin Integration for Crypto Payments

June 6, 2025
Coinbase Faces $400M Loss After Insider-Fueled Data Breach: Should You Be Worried?
BUSINESS

Coinbase Faces $400M Loss After Insider-Fueled Data Breach: Should You Be Worried?

May 15, 2025
Coinbase to Join S&P 500, Replacing Discover Financial: This is Bullish for Your Bags and Here is Why
BUSINESS

Coinbase to Join S&P 500, Replacing Discover Financial: This is Bullish for Your Bags and Here is Why

May 12, 2025
JRNY CLUB Announces $JRNY Token and EARN Platform
BREAKING NEWS

JRNY CLUB Announces $JRNY Token and EARN Platform

May 7, 2025
Federal Reserve Holds Rates Steady Amid Tariff Uncertainty: Trump Disappointment Grows
BREAKING NEWS

Federal Reserve Holds Rates Steady Amid Tariff Uncertainty: Trump Disappointment Grows

May 7, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.