Markets
Crypto Market Watch: Bitcoin Fails to Hold $70,000 as Profit Booking Hits Market
Bitcoin failed to support the $70,000 resistance level due to significant profit taking. According to Shivam Thakral, CEO of BuyUcoin, BTC’s short-term support is $68,000. Likewise, Ethereum’s uptrend stopped, losing nearly 2%, marking its first downward move in two weeks. Thakral says upcoming US economic data could significantly influence investor sentiment and global financial markets.
Thakral said: “Bitcoin, the world’s largest digital asset by market cap, failed to clear the $70,000 resistance level yesterday as it faced heavy liquidations due to profit booking.” He added: “US economic data due to be released this week could have a significant impact on investor sentiment and decide the course of financial markets around the world.”
CoinDCX’s research team says BTC’s dominance has continued to decline, but it could help alts gain strength. The funding rates of most tokens are neutral, while altcoins have also shown mixed performances.
Rajagopal Menon, vice president of WazirX, pointed out that Bitcoin, currently trading at $68,440, is consolidating around $68,500, unable to hold the crucial $70,000 level. If BTC falls below $68,000, it could test the $65,000 and $62,000 support levels.
Menon said: “This signals potential bearish trends and weakening buying pressure, with the daily chart and 50-day moving average indicating bearish momentum. Falling below $68,000 could lead to a test of the $65,000 and $62,000 support levels.”
Ethereum, trading at around $3,906, is approaching the $4,000 mark and could hit a new yearly high, ETH surpassed $3,800 on strong volume, indicating solid buying interest. According to Menon, support levels are located at the 50-day EMA ($3,225) and 100-day EMA ($3,170). Although an RSI of 72 suggests overbought conditions, market sentiment remains bullish. He says the key levels to watch for ETH are $3,800 and $3,500.