Whipsaw cost action has returned to the cryptocurrency market place afterward Bitcoin's (BTC) price lost steam at $67,100 and retracted to the $62,000 level.

An early morning time 87% flash crash in the price of BTC at Binance U.s. saw the toll briefly touch $8,200 and information technology may have ready the marketplace on edge, only generally, it appears to have been an isolated upshot. Data from Cointelegraph Markets Pro and TradingView evidence that bears have briefly taken control of the marketplace with the cost now fluctuating betwixt $62,000 to $63,500.

BTC/USDT 4-hour chart. Source: TradingView

Here'south a wait at what traders and analysts are maxim well-nigh the contempo price action for Bitcoin and what could be adjacent for the top-ranked digital asset.

$66,000 needs to go support

The rapid climb in Bitcoin over the past three weeks pushed the toll dorsum to the major resistance level information technology faced in April, a fact highlighted past contained crypto analyst 'Rekt Capital.' As shown below, there was a house rejection near the $63,500 resistance level.

The chief difference this time around is that now bulls are attempting to establish this level equally the new back up zone, which will give BTC a good foundation for a further button college.

For the brusque term, this has now become a key price level to go along an middle on as the market heads into the final calendar week of October.

Q4 has historically been bullish

The breakout to a new all-time high has many across the space debating whether now is a practiced time to have profits or if it'southward time to increase position sizes instead.

According to David Lifchitz, managing partner and main investment officer at ExoAlpha, "In crypto-land, everything is possible," and he suggested that "a continuous uptrend taking BTC to $80,000 shortly from here, or a balmy pullback down to $58,000 or even down to $53,000 earlier pulling higher toward $80,000 and higher up" were both well within the realm of possibilities.

Historically speaking, "probabilities would favor some pullback afterwards the contempo torrid ride," according to Lifchitz, who highlighted the $64,500 and $58,000 levels as some of the key areas to go on an eye on for the potential to "lighten up positions in case of a pullback and load-up again in the $53K region if the pullback deepens, or reload where the first stops were hit if the pullback doesn't deepen."

Overall, Lifchitz indicated that the path ahead looks positive for Bitcoin and the wider cryptocurrency market place every bit it enters the final quarter of 2022.

Lifchitz said:

"The 4th quarter has historically been bullish, so it favors an upside target by year-end. So overall bullish mid-term but maybe some light turbulence alee."

Related: Bitcoin bulls set to net an $830M turn a profit after Friday'due south BTC options expiry

Bitcoin needs to agree $62,000

A final perspective was offered by the Twitter business relationship of Eastward-Club Trading, an investment analysis organisation, which posted the post-obit chart showing the recent price activity and important back up and resistance zones.

BTC/USD 1-day chart. Source: Twitter

The analyst said:

"A bit of turn a profit taking in BTC every bit it drops beneath the previous high of $65,000. It needs to concord in a higher place $62,000, or we could retest $58,000 in the next few sessions. Glad to be out of the way for the moment."

The overall cryptocurrency market cap now stands at $2.548 trillion and Bitcoin's authority rate is 46.5%.

The views and opinions expressed here are solely those of the author and do non necessarily reverberate the views of Cointelegraph.com. Every investment and trading move involves risk, you should bear your own research when making a decision.