Skip to main content
727 Finance
English

Analysis: Bitcoin's short-term price action shows strong "stop-hunt" characteristics, with the key focus on the $75,500 support level.

PANews October 13 news: Trader Killa posted that for Bitcoin to continue a market structure similar to 2023, it needs to form a higher low (HL) above $75,500 and preferably hold the low area near $80,000. In the 2023 price action, Bitcoin first formed a weekly higher high (HH), then pulled back to confirm range support and began the subsequent rally. If BTC's current price action is to replicate this structure, the key lies in whether it can complete support confirmation after the current pullback. Killa said that the reason recent BTC short-term price action has shown strong "hunting" characteristics may be related to the market's ongoing liquidity game. BTC previously reclaimed its short-term internal structure near $82,000, then pulled back to test and broke through again, with the market repeatedly creating breakout and breakdown signals.

PANews October 13 news: Trader Killa posted that if Bitcoin is to continue a market structure similar to 2023, it needs to form a higher low (HL) above $75,500 and preferably hold the low area near $80,000.

In the 2023 price action, Bitcoin first formed a weekly higher high (HH), then pulled back to confirm range support and began the subsequent rally. If BTC's current price action is to replicate this structure, the key lies in whether it can complete support confirmation after the current pullback.

Killa said that the reason recent BTC short-term price action has shown strong "hunting" characteristics may be related to the market's ongoing liquidity game. BTC previously reclaimed its short-term internal structure near $82,000, then pulled back to test and broke through again, with the market repeatedly creating breakout and breakdown signals.

The current market needs to form a higher low and start the next leg up; otherwise, this correction may extend further below $80,000. In the short term, whether BTC can hold key support levels will determine the direction of the subsequent trend.

Related news

  1. Apple Earnings Preview: After Memory Price Increases, How Much Profit Can Apple Still Keep?

    Apple is highly likely to deliver earnings for this quarter that are close to or slightly above expectations, but its guidance for the next quarter may not sati...

  2. The crypto market has recovered slightly, the CeFi sector has risen modestly, and the AI sector has continued to pull back.

  3. Analysis: Previous Bitcoin cycle bottoms all occurred shortly after U.S. midterm elections; late this year to early next year may be the bottom window.

  4. Taking stock of the 5 major crypto tokens that truly make money in a bear market.

    Income is important, but who ultimately pockets that income matters even more.

  5. Galaxy Research Director: Bitcoin closes above its 50-week moving average for the 7th consecutive week.