Renowned trader Killa: Bitcoin needs to hold $80,000 and form a higher low, otherwise the pullback may deepen.

BlockBeats news, October 13: Renowned trader Killa posted that if Bitcoin is to evolve according to the current trend structure, it needs to form a higher low above $75,500, and ideally should also hold the low near $80,000. This is similar to the 2023 trend: at that time, Bitcoin formed a higher high on the weekly chart, then pulled back and held the original range. This may explain why recent low-timeframe price action seems so prone to triggering stop losses, with aggressive moves and traces of algorithmic trading. Bitcoin once reclaimed internal structure in the $82,000 range, then pulled back, broke below structure again, and later reclaimed it once more. The entire market seems to be deliberately luring traders into entering positions.

It must be admitted that the initial pullback to the $81,000 range did not look ideal from a structural perspective. But at that time, a large number of shorts concentrated their entries at lower levels, which may explain the subsequent price reaction. Another detail worth noting is that during Bitcoin's drop from $84,100 to $81,000, only about $300 million in long positions were liquidated; whereas during the previous drop from $86,800 to $80,600, long liquidations exceeded $2 billion. The notable decline in long liquidation scale indicates that the current market may be less dependent on long positions than before.

The current market is quite delicate. Bitcoin needs to form a higher low at the current position and launch a new round of upside from there; otherwise, this pullback may bring the price below $80,000. For now, the so-called "crash protection team" is doing a good job of maintaining prices, but at the same time is constantly disrupting the internal oscillation range on low timeframes.