Bitcoin May Slide To $65,000 As Critical Support Level Fails – Details
03 Novembre 2024 - 7:00PM
NEWSBTC
The price of Bitcoin has experienced some instability in the last
few hours declining by almost 3%. This negative price action drives
more attention to the largest digital asset, especially with the US
election fast approaching. While many analysts are now skeptical of
Bitcoin’s immediate movements, pro-trader Justin Bennett already
issued a cautionary insight into the asset’s future. Related
Reading: How To Trade Bitcoin During The US Election, Expert
Reveals Bitcoin Breaches Crucial $69,000 Support Zone In an X post
on November 1, Bennet shared an analysis of the BTC market,
proclaiming the dip below $70,000 as a concerning development.
Notably, the premier cryptocurrency had risen by over 23% in the
past three weeks to trade briefly above $73,000 before experiencing
a pullback to around $69,000 on Friday. Interestingly, Bennet
stated that $69,000 represented a critical support zone for
Bitcoin. He emphasized the importance of the token’s value staying
above this price level, describing it as the “last line of defense”
for the market bulls. In the last few hours, Bitcoin has fallen
below $69,000 reaching around $67,900. According to Bennet’s
prediction, Bitcoin could now slump as low as $65,000 where
its next major resistance lies. Importantly, such a decline will
indicate the digital asset has yet to break out of a consolidation
range stretching over the last eight months. In terms of future
price gains, Bennet has stated his expectations of Bitcoin to
eventually surpass its all-time high (ATH) at $73,750, albeit he
remains uncertain of how low the asset will trade before achieving
this feat. Since hitting its ATH in March, Bitcoin has only
produced a range-bound price movement between $55,000-$72,000 even
despite positive market indicators such as Fed rate cuts and
significantly high inflows in the Spot Bitcoin ETF
market. However, a traditionally bullish Q4, the potential of
sustained heightened ETF inflows, and the upcoming US election
signals an imminent possible price breakout for the crypto market
leader. Related Reading: Bitcoin On-Chain Indicator Signals Panic
Selling At Current Levels – Time To HODL? Bitcoin Sentiment Bullish
As US Election Approaches Despite recent price loss, data from
CoinMarketCap shows the general market sentiment on Bitcoin remains
highly bullish ahead of the US general election. Historically, the
maiden cryptocurrency has always experienced a decline in the days
leading to the election with price drops of 10.2% in 2016,
6.1% in 2020, and most recently 6.3% in 2024. While there is still
the possibility of further price losses before D-day on November 5,
investors are likely to be unfazed as Bitcoin’s price has always
gone parabolic after the elections. At the time of writing, the
crypto market leader continues to trade around $68,175 following a
2.52% loss in the past day. However, the daily trading volume is
down by 53.91% and is valued at $21.76 billion. Featured image from
Shutterstock, chart from Tradingview
Flow (COIN:FLOWUSD)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Flow (COIN:FLOWUSD)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024