Goodbye $60,000 Bitcoin? Traders Bracing for $58,000 Drop

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It appears that there may be another decline in Bitcoin, with traders keeping a close eye on a dip below $60,000. The BTC OrderBook heatmap displays a concentration of buy orders near the $58,000 mark, signifying a robust support area. But given the ongoing bearish pressure on the market, it is not clear if Bitcoin can continue to rise above this crucial level. 

Looking at the chart, it can be seen that Bitcoin is still stuck in a downward channel and is unable to move out of it. Prices have been circling around $60,000, which indicates that bulls are being tentative and weak. The present price seems to be a critical support that may determine whether Bitcoin keeps falling or makes a brief reversal. A crucial mark for traders to keep an eye on is $60,000. 

BTC/USDT Chart by TradingView

The next significant support for Bitcoin is located around $58,000 if it is unable to hold above this level. Significant buy orders have been placed here, and a bounce might take place. But if Bitcoin is unable to hold $58,000, there may be more declines toward $56,000 or even lower. 

On the other hand, Bitcoin needs to recover at least $62,000-$63,000 and exit the downtrend channel in order for any bullish sentiment to surface again. This would be an indication that bulls are gathering steam and may once more target the $65,000 region.

One way or another, it is almost safe to say that "Uptober" is canceled, as there is not much traction going on around the first cryptocurrency. The majority of traders are leaning toward selling and safeguarding their existing positions rather than accumulating.