Follow, like, and share
Follow, like, and share🧧🧧🧧🧧🎁
Follow, like, and share🧧🧧🧧🧧🎁
Post
--
易琳Ten
·
--
#BTC After surging, the price pulled back—is this a shakeout or a top?
Bitcoin just surged to $86,976 before meeting resistance and pulling back. It’s now trading around $86,073.
This move coincided with three major developments:
📌 Bitcoin spot ETFs saw $6.34 billion in net inflows in Q3
📌 The odds of a Fed rate hike in October fell to 17%
📌 BTC met resistance and pulled back after testing $87,000
There’s plenty of positive news, but the price still couldn’t hold above $87,000.
Looking at the chart, the long upper wick left after the surge shows that there was significant selling pressure near $87,000.
For now, though, I’m more inclined to view this pullback as:
A shakeout during an uptrend, rather than a near-term top.
Why?
On the one hand, institutional money continues to flow in, providing ongoing support for BTC from long-term investors. On the other hand, the current macro environment hasn’t deteriorated significantly.
The price has now pulled back to test moving-average support around $86,000. The key thing to watch next is how well this level holds.
As long as $85,800 isn’t decisively broken, this short-term pullback looks more like a shakeout within the broader uptrend.
What we really need to watch out for is a change in market structure if support fails.
So there’s no need to rush to a conclusion just yet—
A pullback after a surge doesn’t necessarily mean we’ve hit a top; it could also be building momentum for the next breakout.
Bitcoin just surged to $86,976 before meeting resistance and pulling back. It’s now trading around $86,073.
This move coincided with three major developments:
📌 Bitcoin spot ETFs saw $6.34 billion in net inflows in Q3
📌 The odds of a Fed rate hike in October fell to 17%
📌 BTC met resistance and pulled back after testing $87,000
There’s plenty of positive news, but the price still couldn’t hold above $87,000.
Looking at the chart, the long upper wick left after the surge shows that there was significant selling pressure near $87,000.
For now, though, I’m more inclined to view this pullback as:
A shakeout during an uptrend, rather than a near-term top.
Why?
On the one hand, institutional money continues to flow in, providing ongoing support for BTC from long-term investors. On the other hand, the current macro environment hasn’t deteriorated significantly.
The price has now pulled back to test moving-average support around $86,000. The key thing to watch next is how well this level holds.
As long as $85,800 isn’t decisively broken, this short-term pullback looks more like a shakeout within the broader uptrend.
What we really need to watch out for is a change in market structure if support fails.
So there’s no need to rush to a conclusion just yet—
A pullback after a surge doesn’t necessarily mean we’ve hit a top; it could also be building momentum for the next breakout.
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.