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Prominent trader Killa: Bitcoin needs to hold 80000 USD and form a higher low, otherwise the pullback may deepen
BlockBeats reported that October 13, prominent trader Killa stated that if Bitcoin is to evolve according to its current market structure, it needs to form a higher low above 75500 USD; ideally, it should also hold the low near 80000 USD. This is similar to the price action in 2023 year: Bitcoin formed a higher high on the weekly timeframe, then retraced and held the previous range. This may explain why recent lower-timeframe price action has been so prone to triggering stop-losses, aggressive, and marked by algorithmic trading. Bitcoin once reclaimed the internal structure within the 82000 USD range, then retraced, fell below the structure again, and subsequently reclaimed it once more. The entire market seems to be deliberately luring traders into positions.
It must be acknowledged that the initial decline into the 81000 USD range was structurally unfavorable. However, a large number of short positions were opened at low levels at that time, which may explain the subsequent price reaction. Another noteworthy detail is that during Bitcoin's decline from 84100 USD to 81000 USD, only approximately 300000000 USD in long positions were liquidated; whereas when it previously fell from 86800 USD to 80600 USD, more than 2000000000 USD in long positions were liquidated. The sharp decline in long liquidations indicates that the current market may be less dependent on long positions than before.
The current market action is quite subtle. Bitcoin needs to form a higher low at its current position and launch a new upward move from there; otherwise, this pullback may take the price below 80000 USD. For now, the so-called “crash protection team” has done a good job of maintaining the price, but it is also continually disrupting the internal consolidation range on lower timeframes.
Original link https://m.theblockbeats.info/flash/371620