Bitcoin’s bias remains bullish in the short term but has briefly lost buzz due to the recent drops. However, it appeared to have found temporal support but still looks weak as it follows negative sentiment daily.
Bitcoin surprised many traders during last month’s trading as it exploded massively close to its previous all-time high. Unfortunately, it cooled off buying after testing $73,600 and lost its grip above $70,000.
That technically led to a serious drop this month, and the price dipped to the $67,500 low yesterday. The bulls intercepted the drop, and the price recovered into the $68,000 range. However, the price is still weak as the bears took a break.
Now that yesterday’s low is held support, a crack below it could bring a test at the rising trendline before picking back. If the trendline provides support, BTC may resume its higher high and higher low pattern.
Meanwhile, the upcoming United States election, slated for Tuesday 5, November 2024, has been the major fundamental driving the price lately. The outcome of it should determine Bitcoin’s future direction.
While the past five days have been turbulent for the primary crypto as it charted roughly 7% loss, its long-term bullish trajectory remains intact. Retaking the previous high should set the crypto for a bigger gain.
BTC’s Key Levels To Watch
As long as BTC stays above the two-month support trendline, we can expect an increase through $70,000 to the $72,000 and $73,777 resistance levels. A break-up should rally the price to a new high.
Losing yesterday’s $67,500 low could facilitate more drops to the $65,260 support. The lower support levels to consider for crackdowns are $63,600 and $61,321 – all located under the support line.
Key Resistance Levels: $70,000, $72,000, $73,777
Key Support Levels: $65,260, $63,600, $61,321
- Spot Price: $68,942
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-price-analysis-prediction-november-5-bitcoin-sits-under-70k-as-us-election-nears-poises-for-a-surge/