Bitcoin (BTC) is preparing for an important weekly test of support on October 23 after impulsive sellers transferred large amounts of BTC to the main trading platform Binance.

1 hour candlestick chart BTC/USD (Bitstamp). Source: TradingView
BTC dice for $60,000
BTC/USD is making traders nervous until Saturday, according to data from Cointelegraph Markets Pro and TradingView, which will determine the fate of the $60,000 support.

The level proved to be the first major area of ​​interest for overnight buyers after the old records of $64,900 failed to support the market.

While analysts remain optimistic about the long-term, the pullback creates an interesting proximity to the current weekly candle.

However, Cointelegraph member Mikael van de Poppe called the correction a “penalty kick” and confirmed the team’s overall forecast of $300,000.

Elsewhere, the popular theory revolves around the orderly withdrawal of over-leveraged traders who raised funding rates to classic unacceptable levels while fleeing from all-time highs of $67,100.

As the popular BitBit Twitter account notes, the first US Bitcoin ETF is also a major topic of discussion.

Binance’s reserves are growing
While coin balances as a whole continue to decline, Binance has meanwhile seen a sharp increase in reserves in recent days.

On the topic: Price Analysis 10/22: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

According to statistics source Bybt, from Friday, they increased by more than 50,000 BTC to nearly 400,000 BTC.

Source: CoinTelegraph