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Bitcoin’s market scene just took a gut punch, sending waves across the crypto space. Over the weekend, BTC’s price softened, sending $200 million worth of long positions straight to liquidation. And while some thought this dip might hold steady, voices on X and other trading channels paint a picture of a market with more turbulence in store. Popular analysts like Titan of Crypto are now sounding the alarm: Bitcoin could be in for a “more profound pullback.”

A Fragile Balance Near Key Resistance Levels

Earlier this week, Bitcoin flirted with its all-time high at $73,800, but it didn’t quite stick the landing. With pressure mounting ahead of the U.S. Presidential Election and the Federal Reserve’s next rate decision, traders find themselves in a crowded field of anxious participants. Open interest in BTC futures and options has hit jaw-dropping records, and this peak volume might be setting the stage for a more dramatic shakeout.

Titan of Crypto chimed in, sharing insights on Ichimoku indicators and possible bounce points. “BTC couldn’t close above Tenkan,” he remarked, eyeing a crucial resistance zone that seems to spell out trouble. His analysis points to $66,200 as a potential “local bottom” should the trend break downward further. “If we confirm a breakout,” he added, “we may see a retest of Kijun around $66,200.”

The Bulls and Bears on Edge

While Bitcoin’s been put on its heels, traders like Credible Crypto are zeroing in on the “must-bounce zone” between $65,000 and $69,000. According to his November 3 statement, there’s hope for a bounce—but it’s far from a guarantee. “For now, let’s see if we can get this bounce and then take it from there,” he hinted, reminding everyone that this game’s still in play, but with caution in the air.

Others, however, are backing Fibonacci levels to hold the line. Alan Tardigrade, another voice in the trading world, commented on BTC’s pullback onto the Fibonacci 0.618 level—a spot known for supporting healthy retracements. He expressed faith that, “If this level holds up $BTC, there will be another impulsive move.”

Election Jitters: Volatility Brewing

The heat isn’t just coming from market indicators; political tension adds fuel. QCP Capital highlighted the rising risk premium as traders grapple with election uncertainty and rate hikes. They reported: “Options market is trading BTC 7-day implied vols at 74.4%, significantly higher than the past 7-day realized vols of 41.4%.” This disparity signals that traders are bracing for serious price swings as the election looms.