The crypto world is having a rough patch right now. The whole market is down, dropping to around $2.36 trillion. People aren’t trading as much either; trading is down about 7% from yesterday.
Bitcoin has been on quite a ride lately; it shot up to $73,544 over three days, which got everyone excited. But then it slipped back down to around $70,614.
One of the main reasons for the dump today is the fact that the US stock market is plunging. In fact, over $950 billion was wiped out on October 31st.
Popular analyst Crypto Yapper shared his thoughts on what’s happening and where he thinks Bitcoin’s price might go next.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Bitcoin has been doing pretty well. It finally broke through that stubborn $69,000 mark that had been holding it back for a while. Bitcoin’s price was mostly climbing up in October, even with all the little dips along the way.
However, following the peak near $73,000, BTC has begun to retrace, moving back toward previously breached resistance levels. This corrective phase is typical after a strong rally, as investors look to take profits and the market finds a new support level to confirm the ongoing trend.
Key Support and Resistance Levels
Crypto Yapper highlights key levels that traders are monitoring. The immediate resistance level stands at $73,044, where BTC faced selling pressure after its recent high. If Bitcoin’s price fails to clear this level in future rallies, it may continue to consolidate or retrace.
On the downside, $69,000 has emerged as a vital support level. According to Crypto Yapper, this former resistance is now anticipated to act as a support zone, with the potential to form a “Higher Low” if BTC can successfully hold above this level.
Additionally, if BTC’s price fails to maintain support at $69,000, another significant level is identified at $65,400, which could act as a deeper cushion for the price.
Crypto Yapper suggests a strategy to place limit buy orders at $69,000, reflecting a belief in the support strength of this level. This approach aligns with the technical perspective that a retest of $69,000 could confirm a new support zone, potentially setting BTC up for a rebound.
The concept of a “Higher Low” forming at this level is crucial for traders watching Bitcoin’s trend, as it would affirm continued bullish control. If BTC bounces from $69,000, it could trigger additional buying interest, reinforcing the positive market sentiment.
Read Also: How Much Will 30 Solana (SOL) Tokens be Worth At the Peak of the Bull Run?
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
