Bitcoin Faces Fifth Consecutive Rejection At $72,000, Is Another Correction Coming?

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As a researcher with years of experience in the crypto market, I’ve seen my fair share of rollercoaster rides. The latest dip in Bitcoin (BTC) has me reminiscing about my first ride on a real rollercoaster – it was as exciting and nerve-wracking as watching BTC’s price action right now.

Before its monthly closing, Bitcoin (BTC) has made another failed effort to establish the $72,000 mark as a potential support point. Even with the decline, some experts believe that the cryptocurrency remains well-positioned for an imminent surge, with key levels worth keeping an eye on in the near future.

BTC’s Sweet 16 Party Turns Spooky

As a researcher, I’m excited to report that Bitcoin, the leading cryptocurrency by market cap, has seen a remarkable surge during ‘Uptober.’ In just the last month, its value has climbed approximately 13%. This digital coin, which had dipped to a monthly low of $58,900, is now edging towards its all-time high (ATH) price of $73,737, reaching an impressive $73,300 on Wednesday.

After a green September ending, the leading cryptocurrency is poised for its strongest monthly finish since March, possibly yielding approximately 13-14% as monthly gains, even considering its recent fluctuations.

On the 16th anniversary of its whitepaper, Bitcoin experienced a chilling 2% decline, causing other cryptos to attend a red-themed Halloween celebration. The price of BTC dipped below $71,000, hitting an intraday minimum of $70,600. In contrast, Ethereum (ETH), the second largest crypto by market capitalization, retreated approximately 5.1%, losing its $2,600 support level.

crypto expert Ali Martinez noted that today marks the fifth instance in a row where Bitcoin has encountered rejection at approximately $72,000. Since hitting its all-time high (ATH), Bitcoin has faced rejection from this level on five occasions so far, with each rejection causing a drop ranging between 8.2% and 18%, as observed in the four previous instances.

Analyst Altcoin Sherpa predicts a potential decrease of 4% to 5% for Bitcoin if it fails to maintain its support at around $70,000. However, he anticipates a rebound or increase from the price range of $70,800 to $71,400 in the near future.

The upcoming U.S. presidential elections may lead to a highly unstable week for Bitcoin (BTC). According to experts at Bitfinex, the volatility of Bitcoin is projected to reach its peak from November 6 to November 8. This is due to increased speculation and anticipation surrounding the election results which could significantly impact Bitcoin’s behavior.

Is Bitcoin Gearing Up For End-Of-Year Breakout?

cryptoinsightuk has shared its perspective on Bitcoin’s current status, pointing out that the coin has reached a new All-Time High (ATH) in terms of Open Interest (OI). The investor also suggests that the Daily Relative Strength Index (RSI) might dip to indicate a possible bearish trend 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.”

As I delve deeper into my analysis of Bitcoin’s price movement, I find myself aligning with Crypto Kaleo’s optimistic perspective. The analyst points out that despite testing the $20,000 all-time high (ATH) mark in 2020, Bitcoin didn’t manage to break above it. This could be a sign of potential future growth and increased bullish sentiment for the flagship cryptocurrency.

Initially, Bitcoin dipped by almost 20% during Thanksgiving, dropping from approximately $19,400 to around $16,100. Interestingly, its price hovered within this range for about 30 days before experiencing a surge in late December 2020.

As a analyst, I’ve noted that the significant breakout occurred approximately 219 days after the halving event in May 2020. Currently, we stand at 194 days post-halving. This minor dip in Bitcoin’s price doesn’t seem cause for alarm to me.

As of this writing, Bitcoin has held the $70,000 support level, currently trading at $70,522.

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2024-11-01 12:40