Bitcoin Price Falls Short of Record High, Drops Below $70k
The BTC/USD chart shows the following:
Bitcoins all-time high is around $73,750 per coin, set on March 14, 2024, amid peak investor interest after the SEC approved a Bitcoin ETF on January 11.
This autumn, Bitcoins price is exhibiting positive momentum, partly fueled by the potential for Donald Trump to win the U.S. presidential election (with results expected on November 6). At a July cryptocurrency conference in Nashville, Trump promised support for the industry, raising hopes among crypto investors that his victory could drive Bitcoin prices to $100,000 or higher. Standard Chartereds analyst has predicted that BTC/USD could reach $125,000 if Trump wins.
This week, Bitcoins price approached its all-time high but turned downward (as indicated by the arrow) just shy of reaching it, and has since fallen below the psychological level of $70,000 per coin.
Whats next?
Todays technical analysis of the BTC/USD chart suggests:
Bitcoins autumn price fluctuations are forming an upward channel (shown in blue), constructed using linear regression. Currently, BTCs price is positioned in the channels lower half.
The $69k level, which previously acted as resistance, now serves as support, though it may be breached, in which case the price may move toward the channels lower boundary.
The Crypto Fear and Greed Index currently stands at 75, indicating a Greed sentiment. Given this high level of emotional volatility, its possible that:
The recent drop represents a short-term correction after the RSI indicator flagged the market as overbought in the lead-up to the election and the approach of the all-time high.
The overall uptrend may persist, potentially pushing Bitcoin toward a new record high.
Read more: https://fxopen.com/blog/en/oa-bitcoin-price-falls-short-of-record-high-drops-below-70k/
Text source: Forex Trading Blog
