Bitcoin (BTC) is having a highly unpredictable day. After reaching an unprecedented peak of $126,000 late yesterday, it pulled back to $123,000 during the day.
Nevertheless, BTC soon experienced another upward surge and climbed past the $125,000 mark.
Yet again, Bitcoin couldn’t maintain this level and abruptly dropped to around $122,700.
As speculation grows about whether Bitcoin will continue its ascent or face a significant drop, analyst Skew mentioned in his X post that the bulls need to secure control at $124,000 for further gains.
The decline of Bitcoin to $123.2K was influenced by passive selling on Coinbase and active selling on Binance Spot.
A considerable number of long positions have been liquidated as both open interest (OI) and price decrease.
“$124,000 remains crucial.”
Meanwhile, well-known investor BitBull analyzed Bitcoin’s recent trends and noted that BTC is attempting to establish its previous all-time high as a support level.
“I wouldn’t be surprised if it dips below this point ($123,690), but overall we need several weeks with closes above $123,000 for any substantial rally. This could pave the way for a 20-30% increase in the upcoming weeks,” stated the analyst.
In their latest report,QCP Capital analysts emphasized that institutional demand will play a key role in determining whether Bitcoin’s rise will be sustained: “Ultimately,institutional flows along with macroeconomic factors will decide if BTC’s October surge evolves into another steep climb or stabilizes into consolidation.”
*This does not constitute investment advice.