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Bitcoin reached the key $116,000 level needed to maintain “golden week” gains, but the latest BTC price dip risked another Uptober letdown.
💡 DMK Insight
Bitcoin’s recent dip below $116,000 is a critical moment for traders. The ‘golden week’ gains hinge on maintaining this level, and a failure to do so could trigger a wave of selling, reminiscent of previous Uptober disappointments. Traders should watch for volume spikes around this level; if BTC can’t reclaim $116,000 soon, expect increased volatility as positions are liquidated. This dip also has implications for correlated assets like Ethereum, which often follows Bitcoin’s lead. Keep an eye on the daily chart for potential support levels around $110,000, which could serve as a last line of defense before further declines. Here’s the thing: if BTC bounces back, it could reignite bullish sentiment, but if it breaks down, the market could see a significant shift in momentum. Watch for the next few days to gauge whether buyers step in or if sellers dominate.
📮 Takeaway
Monitor Bitcoin’s price action around $116,000; a failure to hold could lead to increased volatility and potential support testing at $110,000.
