đ¨ Bitcoin Surge Could Be Short-Lived: Hereâs Why "A SHARP PULLBACK" Might Be Imminent âŹď¸
Bitcoin has recently surged above the near-term resistance of $68,500 on Oct. 18, signaling the resumption of its uptrend. Solid buying has fueled this rally, with U.S.-based Bitcoin exchange-traded funds (ETFs) seeing a massive influx of $2.1 billion in the past five days, pushing total inflows past $20 billion, according to Bloombergâs senior ETF analyst Eric Balchunas.
Despite the recent upward momentum, there is growing concern among analysts about Bitcoinâs short-term future. Many warn that the spike in Bitcoin futures open interest could trigger a sharp pullback. While some, like Coinglass, view the rise in open interest as a signal of an impending major price movement, itâs still uncertain whether that will be an upward surge or a downward correction.
As Bitcoin approaches its all-time high, traders may adopt a more cautious stance. Having moved sideways for months, the current rally could see bears aggressively selling as the price nears the key resistance levels.
For Bitcoin to maintain its bullish momentum, it must stay in the upper half of its current range, between $54,000 and $73,777. A failure to do so could negatively impact sentiment across the broader crypto market, especially for altcoins.
Bitcoin Price Analysis After a brief pullback on Oct. 17, Bitcoin bulls regained control, pushing the price back above $68,500. However, with the price approaching $70,000 to $72,000, sellers are expected to defend this zone strongly. If Bitcoin fails to break through, the price could rapidly decline.
The 20-day exponential moving average (EMA) at $64,268 serves as critical support. A drop below this level could weaken the bullish momentum, and a break below $60,000 would signal a potential trend reversal, turning the short-term outlook bearish.
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