Yesterday on October 28, 2021, Bitcoin suddenly dropped by 8.22% from $61,524 to $54,465. The candle was huge but only with a wick, Good for Bulls. Now some may call it a Beartrap, but the common opinion is that Salvador was buying the dip here as they bought $420 Bitcoins worth $25 million. Buying the dip may have helped Bitcoin retrace back to $61,331 in the same candle. This was discouraging for the Bears as Bitcoin still floats above 200 EMA. The local Support zone is at $58,830 at Fib 0.236. The resistance above is at $1.272 near $64,000, the price level of 21st October.
