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 yesterdayâ€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 BlackRockâ€s iShares BTC 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 BlackRockâ€s spot BTC ETF received more than $300 million in inflows. BlackRockâ€s IBIT continues to lead among all spot BTC ETF products — passing the $23 billion mark in total net inflows.

 

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