#比特币政策
Bitcoin approaches $60,000: a big correction coming soon?
Recently, Bitcoin rekindled investors' enthusiasm for the "October rally" after briefly breaking through the $63,000 mark, but it has fallen below $60,000 today.
Bitcoin's next step: a big correction?
The analyst said on CryptoQuant QuickTake that Bitcoin has broken through the $18 billion threshold, which marks the existence of a huge open interest zone. At this stage, the open interest level has historically triggered big corrections.
The market is currently divided, with some expecting Bitcoin to usher in the next big rise, while others expect its downward trend to continue. Many believe that Bitcoin needs to make a final shock exit before reaching a new all-time high.
Aitkin pointed out that the funding rate is slightly above the 200-day simple moving average (SMA), which shows that long traders are dominant. Historically, when the funding rate turns negative, a big price correction occurs, but this has not yet occurred.
Aitkin said there could be one last shake-out, but the pullback could be mild due to low funding rates.
Bitcoin price outlook
Bitcoin's recent price action suggests the market is hesitant and struggling to break through key resistance levels. Bitcoin has hovered above $60,000 for weeks but has failed to break through the $70,000 mark.
In 24 hours, Bitcoin fell 2.9% to $60,485. Prior to the drop, the asset briefly climbed to $63,774 earlier this week, sparking expectations of a break through the $65,000 and $70,000 mark.
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