Bitcoin is currently in a consolidation phase, trading just below $65,000. Market analyst Egrag Crypto points out a concerning trend on the three-day time frame, with a bearish indicator suggesting heavy selling pressure at peak levels. Egrag emphasizes the importance of breaking above $66,500 for the next bullish push, with a potential target of $70,000 or beyond. However, failure to close above this level could lead to a deeper retest and a drop to $47,000. The broader macroeconomic scene, including the upcoming U.S. presidential election, could also impact Bitcoin's next move. Another analyst, Rekt Capital, analyzes Bitcoin's historical performance in October and believes that despite a recent dip, Bitcoin is still in a favorable position and will not close the month in the red.



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