Bitcoin Could See a Short Squeeze This Week; $83,600 May Determine Whether It Breaks Out of Its Trading Range
October 19 — According to a post by trader Killa on X, Bitcoin fell last week from above $87,000 the week before to around $80,000. It later rebounded and recovered about half of its losses, but was capped by the weekly open and ultimately closed below the previous week’s low.
Looking at liquidation data, long positions accounted for most of last week’s liquidations. Killa therefore believes the market could turn to squeezing shorts this week, but says it’s first worth watching whether Bitcoin falls below last week’s low of $79,800 again.
In terms of trading, he suggests looking for long opportunities if BTC moves above that low, and paying particular attention to whether it can decisively reclaim $83,600. If it fails to break through, however, the market may remain range-bound and in a phase of capitulation selling.
For bulls, the worst-case scenario would be a further retreat by Bitcoin into the $76,000–$78,000 range. However, analysts consider it unlikely that BTC will fall to $74,000 this week.
Overall, the current tug-of-war between Bitcoin bulls and bears remains centered on two key levels: support at $79,800 and resistance at $83,600.
This week’s price action may depend on whether the market can complete a short squeeze and break out of its current trading range.
What do you think? Can Bitcoin successfully move above $83,600 this week? Share your thoughts in the comments.
#比特币
October 19 — According to a post by trader Killa on X, Bitcoin fell last week from above $87,000 the week before to around $80,000. It later rebounded and recovered about half of its losses, but was capped by the weekly open and ultimately closed below the previous week’s low.
Looking at liquidation data, long positions accounted for most of last week’s liquidations. Killa therefore believes the market could turn to squeezing shorts this week, but says it’s first worth watching whether Bitcoin falls below last week’s low of $79,800 again.
In terms of trading, he suggests looking for long opportunities if BTC moves above that low, and paying particular attention to whether it can decisively reclaim $83,600. If it fails to break through, however, the market may remain range-bound and in a phase of capitulation selling.
For bulls, the worst-case scenario would be a further retreat by Bitcoin into the $76,000–$78,000 range. However, analysts consider it unlikely that BTC will fall to $74,000 this week.
Overall, the current tug-of-war between Bitcoin bulls and bears remains centered on two key levels: support at $79,800 and resistance at $83,600.
This week’s price action may depend on whether the market can complete a short squeeze and break out of its current trading range.
What do you think? Can Bitcoin successfully move above $83,600 this week? Share your thoughts in the comments.
#比特币