Bitcoin
Bitcoin price falls below critical support level after rejection at $70,000
Bitcoin has fallen recently below critical support level between US$67,000 and US$68,000, having failed to exceed the $70,000 Price Level successfully. Based on analysis by crypto analyst Josh, the top cryptocurrency needs to rise above this critical support level soon or risk entering a downtrend.
Bitcoin needs to rise above $68,000
Josh mentioned in a video on his YouTube channel that Bitcoin needs to achieve a confirmed breakout above $68,000 to turn bullish again and possibly experience further upward moves towards resistance levels between $72,000 and $74,000. With Bitcoin currently below $67,000the crypto analyst noted that the area between $67,000 and $68,000 It is now an area of strong resistance and one to watch in the near term.
Bitcoin’s failure to rise above $68,000 soon could lead to more short-term pullbacks to between $63,000 and $64,000, an area where Josh stated there is a decent amount of trading volume. The crypto analyst also suggested that Bitcoin drops to $64,000 it could happen quickly, as highlighted by the volume profile indicator, which showed that there is little volume traded between $66,000 and $64,000.
Meanwhile, Josh described a scenario where Bitcoin could rise to around $67,000 to gain a large amount of liquidity and liquidate short positions around that area. He noted that this area coincides with the resistance level between $67,000 and $68,000.
As such, he warned that Bitcoin could experience a short-term bounce and then be rejected at the resistance level. He again stated that Bitcoin would need to surpass $68,000 to confirm that the pullback is over.
A big move on the horizon for BTC
Analyzing Bitcoin’s four-day chart, Josh stated that the Bollinger Bands are still tightening, which points to a “big shift” that will occur at some point in the coming weeks. He added that the movement would be volatile and that Bitcoin could potentially see a price movement of 20% to 30%.
On the broader timeframe, Josh noted that Bitcoin is still trading sideways and within a massive consolidation that usually occurs during a “much larger uptrend.” As such, the analyst suggested that Bitcoin is still far from the top of the market despite the recent price decline. Based on predictions made by other crypto analysts such as CrediBULL Cryptoit is still expected that Bitcoin rise to $100,000 in this market cycle.
Crypto Analyst Rekt Capital also warned about these price drops amid this bull run. He claimed that Bitcoin would pull back enough to convince anyone that the bull run was over before resuming its uptrend.
At the time of writing, Bitcoin is trading around $65,400, down 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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