If Bitcoin Price Doesn’t Hold Take And Hold $69,000 With Momentum, It Could Get Very Bad
The Bitcoin price broke below $70,000 over the weekend, effectively erasing the gains from the previous week. This move puts the cryptocurrency in a perilous position as the bulls are now hard-pressed to find another maj...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The Bitcoin price broke below $70,000 over the weekend, effectively erasing the gains from the previous week. This move puts the cryptocurrency in a perilous position as the bulls are now hard-pressed to find another major support or risk the decline going deeper from here. According to one analyst, Bitcoin bulls will have to reclaim and hold $69,000 with momentum in order to trigger another recovery trend.
Why Bitcoin Bulls Must Hold $69,000According to crypto analyst Tealstreet, the bulls will need to defend $69,000 to prevent the Bitcoin price from falling lower. The reason for this is the fact that the Bitcoin price has a chance of pushing upwards to the $73,000-$74,000 levels if this support is maintained. Following this, there is still the possibility of a final push toward $76,000-$77,000.
On the flip side, there is a lot of bearish action to be seen if the bulls lose $69,000. This bearish move would trigger an at least 5% decline, with the crypto analyst putting the target somewhere between $64,000 and $66,000. While this decline may not exactly be as impactful as previous sharp declines, it could end up being negative for altcoins, which are already suffering.
By Sunday, the Bitcoin price broke below $69,000, but the bulls were able to maintain the $68,000 level, holding quite close to the target. Nevertheless, this means that the bulls are now in a tight spot with the need to reclaim $69,000 or watch the trend play out.
BTC Still Stuck In A Corrective PhaseAnother crypto analyst, HAMED_AZ, also published a post in support of the current Bitcoin bearishness, saying that the digital asset has actually entered a corrective phase. Due to this, the Bitcoin price is expected to move lower after an initial push toward the top of the ascending channel.
If the price is unable to break the resistance at the top of the channel, then the downtrend will continue, leading to an over 10% decline. This move will most likely send the Bitcoin price crashing below $60,000 for the first time in over a year.
Alternatively, if the price is able to successfully test and break out of the channel resistance with momentum, then the downtrend could be broken completely. This scenario would lead to a push toward $80,000 and likely kickstart the next run.
Why this matters
Bitcoin is a tracked market entity in the DigitalMoneyBox archive, making this useful context for readers monitoring repeated mentions and follow-up coverage.
Original source
Read on NewsBTCRelated market context
Cardano Price Prediction: Whale Activity Jumps as $0.20 Support Sets Up a Potential Move Toward $0.26
Cardano price is trading close to an important support area after another volatile stretch, with price action now beginning to att...
Bitcoin Price Today: BTC Outperforms S&P 500 Above $80K as Fed Interest Rate Decision Looms
Bitcoin was hovering near $81,412 in the latest TradingView readings provided for October 28, keeping the $80,000 level in focus a...
Bitcoin Price Bounces as Nasdaq Soars, KOSPI Rebounds, and FOMC Hike Fears Persist
Bitcoin price is recovering toward $81,000, gaining nearly 2% as buyers return ahead of the Federal Reserve’s FOMC policy decision...
Bitcoin Price Rests Near $80,500 as Midterms, Fed Decision Loom
Bitcoin Magazine Bitcoin Price Rests Near $80,500 as Midterms, Fed Decision Loom Bitcoin price traded near $80,500 most of Tuesday...
Bitcoin must hold $75,500 to preserve bull market structure, Hilbert Group analyst says
Hilbert Group's Jesse Marre warns Bitcoin must hold $75,500 to preserve its bull market structure amid tight liquidity and Fed unc...
BNY Adds XRP and RLUSD Custody Support as Ripple Partnership Expands
TL;DR: BNY and Ripple are extending an established reserve-custody relationship into wider digital-asset servicing and possible to...