At press time, Bitcoin price was trading at $79,545 with an intraday loss of 1%. Open interest has increased by 3.15% on 27th October and funding rate has also been positive which showcases that traders’ engagement has increased. The trading volume has increased by $7B to $26B in the past 24 hours. Bitcoin price has remained bearish for the 6 consecutive days and slipped below the $80,000 level. If the BTC price sustains below the $80,000 level, sellers might lead the bearish trend and the price could drop to the $78,000 level.
If sellers remain strong, the price can drop to the major support zone of $75,500. Conversely, if the price rebounds and closes the candlestick over the $80,000 on a daily timeframe, a bullish rally can be seen.