Bitcoin drops to a new weekly low on Tuesday, October 22

The price of Bitcoin retreated to $66,820 on Monday, October 21

Bitcoin chart analysis

The price of Bitcoin retreated to $66,820 on Monday, October 21. We again took a step below $67000 and the EMA 200 moving average. Fortunately, the price stayed there for a short time, followed by a rise to $67,900. The weak momentum created resistance there. Bitcoin did not have enough strength to continue the bullish consolidation, which resulted in the initiation of bearish consolidation.

The price broke yesterday’s low and formed a new one this morning at the $66559 level. We quickly stabilized down there and pulled back above the EMA 200 moving average and $67,000. After that, Bitcoin begins to recover to the $67770 level. We expect to see a continuation of this consolidation above $68,000. In that zone, we will test the EMA 50 moving average, and we need its support to strengthen the bullish momentum.

The price dropped to a new weekly low this morning, bringing fears of a bearish trend

Potential higher targets are $68250 and $68500 levels. For a bearish option, we need a negative price consolidation up to the $67000 level. With the break below, we strengthen the bearish momentum with the pressure of the EMA 200 moving average. After that, Bitcoin will have to look for a new lower support level. Potential lower targets are $66750 and $66500 levels.

Investors in BlackRock’s iShares Bitcoin Trust added $329 million to the fund on October 21 after Bitcoin fell 3% in one day. Fidelity Wise Origin Bitcoin Fund is the second US spot Bitcoin ETF to see an inflow of $5.9 million on Monday, October 21. It was the third time in four trading days that BlackRock’s spot Bitcoin ETF received more than $300 million in inflows. BlackRock’s IBIT continues to lead among all spot Bitcoin ETF products — passing the $23 billion mark in total net inflows.

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