Opinion: Bitcoin may turn to squeeze shorts next week; reclaiming $83,600 will determine whether the market can escape its range-bound predicament

On October 18, trader Killa stated Bitcoin pulled back from above $87,000 to the $80,000 range last week, and after rebounding to recover about 50% of the decline, it remained under pressure from the weekly opening price this week, eventually dropping to the previous week's low near $80,000. Currently, the positions being liquidated are mainly longs. Killa believes next week may turn to squeezing shorts, but attention should be paid to whether Bitcoin breaks below this week's low of $79,800 again. If another sweep of the lows occurs, long opportunities can be watched; if not, attention should turn to whether $83,600 can be effectively reclaimed. If it cannot break through, the market may still be in a phase of range-bound oscillation and capitulation selling.

Killa believes the most unfavorable scenario for longs is Bitcoin pulling back further to the $76,000 to $78,000 range, but he thinks it is unlikely that the price will fall to $74,000.