Bitcoin at Crucial $69K Support: Correction or Rally Ahead?
- Bitcoin fcs criticl tst s it hovrs nr th $69,000 support lvl, with potntil for furthr dclin if brchd.
- Anlysts prdict voltil wk du to th US lctions nd FOMC mting, with potntil for both upsid nd downsid movmnts.
- Dspit short-trm uncrtinty, long-trm bullish sntimnt rmins strong, with mny nlysts xpcting Bitcoin to rch nw highs in th coming months.
Bitcoins rcnt pric ction hs injctd much uncrtinty into th cryptocurrncy mrkt. Aftr rching high of $73,600 on Sptmbr 29th, th lding digitl sst xprincd corrction, dipping s low s $68,777 on Novmbr 1st. This 6.55% dclin coincids with brodr mrkt wknss nd hightnd nxity surrounding th upcoming US lctions.
Anlysts r dividd bout its futur trjctory, with som fring potntil brch of th criticl $69,000-$70,000 support zon. This brch could triggr furthr pric drop, with som nlysts prdicting rtst of th $65,000 mrk bfor rturn to th uptrnd.
Election and FOMC Meeting Drive Bitcoin Volatility
Bitcoin nlyst AlphBTC wrns of hightnd voltility in th coming dys du to two significnt vnts schduld for th first wk of Novmbr: th US midtrm lctions nd th Fdrl Opn Mrkt Committ (FOMC) mting. Ths vnts, AlphBTC rgus, could ld to big swings in th mrkt.
Clrity on th mrkts dirction will likly hing on th lction outcom nd th FOMCs dcision rgrding potntil rt cuts. Whil AlphBTC blivs Bitcoin could rvisit its 2021 ll-tim high of $69,000 bfor mbrking on journy to nw highs, chrt nlysis lso suggsts th possibility of stpr dclin blow $65,000 if support t $69,000 nd $67,222 crumbls.
Lts nvigt this wk with cution nd kp our ys on th priz! dviss AlphBTC.
$69K Support: Key Technical Levels in Focus
Othr nlysts cho AlphBTCs cutious outlook. Crypto Rovr mphsizs th prcrious sitution Bitcoin trdrs fc if th $69,000 support lvl givs wy.
Foundr of MN Cpitl, Michl vn d Popp, nticipts dip towrds th lowr nd of th $64,000-$65,000 rng. H furthr suggsts potntil rtst of $60,000 if this support crumbls. Vn d Popp viws this s th finl corrction bfor th nxt surg towrd $90-100K.
From tchnicl stndpoint, Bitcoins currnt pric sits squrly within th criticl $69,000-$70,000 support zon. A brch of this lvl could s tst of th 20-dy EMA (xponntil moving vrg), currntly positiond t $68,173. This r, ccording to IntoThBlock, rprsnts zon whr ovr 1.59 million ddrsss prviously purchsd mor thn 944,200 BTC. A brkdown of th 20-dy EMA, historiclly followd by 23% pric drop in July, could triggr dpr corrction.
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Read more: https://www.tronweekly.com/bitcoin-at-crucial-support-correction-or-rally/
Text source: TronWeekly
