Bitcoin Faces Rejection at $70K, Top Analyst Calls for Key Support at $66K

The post Bitcoin Faces Rejection at $70K, Top Analyst Calls for Key Support at $66K appeared first on Coinpedia Fintech News

Bitcoin’s attempt to break the $70,000 resistance level was blocked by heavy profit-taking, causing a dip to $68,000. The cryptocurrency couldn’t hold the $70,000 level due to significant selling pressure. Meanwhile, market analysts suggest that upcoming US economic data could play a crucial role in shaping investor sentiment and global financial trends.

Bitcoin’s Rejection at $70K

Renowned crypto analyst Michaël van de Poppe recently shared his insights on Bitcoin’s (BTC) latest price movements. According to van de Poppe, Bitcoin faced rejection at the $70,000 mark, failing to break through this critical resistance level.

Despite attempts to push higher, Bitcoin was unable to sustain its momentum beyond $70,000. This rejection has highlighted the ongoing challenges for BTC in surpassing this key psychological barrier.

Van de Poppe highlights the importance of the $66,000 support level. He noted that as long as Bitcoin can hold this support, the market should remain stable. “I’d like $66K to be holding up as support, and then everything is fine,” van de Poppe stated.

The current market conditions have been described as quite monotonous by van de Poppe. With Bitcoin struggling to break higher and support levels being tested, the excitement in the market appears to be dull.

Is a $71K Bitcoin Rally Imminent?

Echoing a similar stance Renowned crypto analyst Capo of Crypto has identified $67,000 as the primary support zone for Bitcoin. He stated, “Demand is being added here, so this level should hold, and bullish continuation is expected.” However, if this support fails, the next level to watch is $65,000.

Capo’s attached chart suggests that if the $67,000 support holds and Bitcoin breaks the $69,000 resistance, a potential surge to $71,000 could follow. Further analysts also addressed concerns about recent Bitcoin movements linked to the defunct exchange Mt. Gox, which have caused some market unease.

As of now Bitcoin’s price dipped by 0.65%, settling at $68,032. In contrast, the 24-hour trading volume for BTC surged by 61.70%, reaching $30.30 billion. Despite the price drop, Bitcoin maintained a substantial market capitalization of $1.34 trillion.