Bitcoin drops 3% as US sellers spark sub-$65K BTC price targets

Bitcoin (BTC) dipped below $67,000 after the Oct. 21 Wall Street open amid “expected” United States sell pressure.

Traders consider deeper BTC price pullback next

Data from Cointelegraph Markets Pro and TradingView tracked 3% BTC price losses on the day.

These followed the highest weekly close in five months for BTC/USD, and market observers suggested that consolidation and support retests should now enter.

“Market selling off slightly today, as expected – and thats okay,” popular trader Jelle wrote in one of his latest X posts, calling the weekly chart “primed.”

BTC price forecasts included deeper retracements, with popular X account Emperor suggesting that $62,000 may reappear.

“H6 55EMA and high volume pocket between $66,000-500 should be a good area to watch for support, shorts will take profit here and should,” it told followers.

Emperor also eyed the 200-period exponential moving average (EMA) on 6-hour timeframes, currently around $63,300.

“Trends are memes, mainly self-fulfilling prophecy but the mid-lone and bottom of the trend actually played significant for bounces for Bitcoin,” trader, analyst and commentator Josh Rafer continued.

“Watching for a potential re-test before higher.”

Well-known commentator WhalePanda meanwhile vented frustration at the US reaction to Bitcoin’s attack of $69,000.

“US with another impressive $2k dump. Got to wonder where they keep getting the Bitcoin from to dump every day,” he responded.

Bitcoin needs to flip $69K for higher

The latest data from monitoring resource CoinGlass showed BTC/USD eating through bid-side liquidity as buyers added interest closer to $66,000.

Related: Lowest search interest since 2020 — 5 things to know in Bitcoin this week

Analyzing liquidity conditions on the largest global exchange, Binance, trading resource Material Indicators described Bitcoin as “having a flash sale.”

In a separate X discussion, co-founder Keith Alan stressed the need for full candles to close above $69,000 for bulls to have a chance at challenging the March all-time highs.

“There is indeed heavy ask liquidity stacked above $70k, but don’t overlook the significance of historical and technical resistance at the 2021 Top,” he wrote earlier in the day.

“We may see some high wicks, but I don’t expect a sustainable run to ATH territory without full candles printing above $69k.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.