Bitcoin Faces Fifth Consecutive Rejection At $72,000, Is Another Correction Coming?
01 Novembre 2024 - 10:30AM
NEWSBTC
Ahead of its monthly close, Bitcoin (BTC) has seen another
unsuccessful attempt to reclaim the $72,000 resistance as a support
level. Despite the drop, some analysts consider the cryptocurrency
is still in a strong position for an upcoming breakout, setting the
next levels to watch. Related Reading: Analyst Says It’s ‘Time To
Be Bullish On Ethereum’ As ETH Retests $2,700 BTC’s Sweet 16 Party
Turns Spooky Bitcoin, the largest cryptocurrency by market
capitalization, recorded an impressive rally in ‘Uptober,’ surging
around 13% in the last 30 days. BTC’s price has jumped from the
$58,900 monthly low to near its all-time high (ATH) price of
$73,737, reaching the $73,300 mark on Wednesday. Following the
green September close, the flagship crypto is set to have its best
monthly close since March, potentially registering around 13$ to
14% in monthly returns despite its most recent price action. On its
whitepaper’s 16th birthday, Bitcoin recorded a spooky 2% drop,
driving the rest of the market to a red Halloween party. BTC’s
price fell below the $71,000 mark, reaching an intraday low of
$70,600. Meanwhile, the second largest cryptocurrency by market
capitalization, Ethereum (ETH), pulled back around 5.1%, losing the
$2,600 support zone. Crypto analyst Ali Martinez pointed out that
today’s drop is the fifth consecutive rejection BTC faces at
$72,000. Since its ATH, Bitcoin has been rejected from this
resistance level five times, dropping between 8.2% and 18% the four
previous times. Analyst Altcoin Sherpa suggested that BTC could see
a 4% to 5% dip if the largest cryptocurrency doesn’t hold the
$70,000 support zone. Nonetheless, Sherpa considers that the
cryptocurrency should “see some sort of bounce” from the
$70,800-$71,400 area in the short term. BTC is expected to have an
extremely volatile week ahead of the US presidential elections.
Bitfinex analysts predicted that Bitcoin volatility will peak
between November 6 and November 8, as speculation and anticipation
about the election outcome affect the cryptocurrency’s performance.
Is Bitcoin Gearing Up For End-Of-Year Breakout? Cryptoinsightuk
weighed in on Bitcoin’s performance, noting that BTC is still at
ATH by Open Interest (OI). The crypto investor considers that the
Daily Relative Strength Index (RSI) could potentially “cross
bearish” today. He also highlighted that $69,600 should work as a
key support level for Bitcoin bulls but warned that losing the
$66,500 range could be “messy” as BTC’s open interest would
“flush.” Meanwhile, Crypto Kaleo posted a more bullish outlook for
BTC’s price action. The analyst highlighted that the flagship
crypto didn’t break above its ATH when it retested the $20,000 mark
in 2020. Related Reading: Neiro Breaks Above Key Level Following
10% Weekly Drop, Is $0.0020 Next? Instead, Bitcoin initially pulled
back nearly 20% during Thanksgiving, moving from $19,400 to
$16,100. Moreover, BTC’s price accumulated within that range for 30
days before breakout, seeing the next leg up in late December 2020.
The analyst pointed out the breakout happened 219 days after May
2020’s Halving. As Bitcoin is currently 194 days post-halving, the
analyst considers that “a little bit of a pullback here isn’t any
reason for concern.” As of this writing, Bitcoin has held the
$70,000 support level, currently trading at $70,522. Featured Image
from Unsplash.com, Chart from TradingView.com
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