Bitcoin toil and trouble 😖

Analysts shared their weekend forecasts as Bitcoin fights to stay above a key support level.

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📝 What you need to know

Bitcoin traders are still waiting for the Uptober to clock in. At the time of writing, Bitcoin is sitting 7% lower than it was at the start of the month.

With last week’s flash crash still fresh on their minds, analysts shared their weekend forecasts with Decrypt. They all agreed it’ll be crucial for BTC to stay above $103,000, which is about 10% lower than the entry point for most traders who recently bought Bitcoin. If it dips below that, there could be a punishing wave of panicked selling.

Hoping to spend the weekend picking apples instead of checking Bitcoin candles? Get those stop and limit orders set up now.

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Now that Bitcoin has broken the recent $110K-$108K consolidation range to the downside, we are watching $100K as the next support level. This level represents the traders’ on-chain realized price lower band, which has acted as the last price support during this bull cycle.

Julio Moreno, Head of Research at CryptoQuant

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