$BTC is on the verge of a major breakout, and a significant move could be imminent. After trading in a tight range between $60,000 and $62,000 over the past few days, BTC is eyeing the key $70,000 level. However, challenges lie ahead, with upcoming U.S. presidential elections and ongoing geopolitical tensions adding pressure on the market.

Currently priced at $62,102, BTC faces critical support at $60,000. A break below this level could push the price down to $56,602, followed by potential drops to $52,614 and $50,580. Rising tensions between Israel and Iran could further increase selling pressure, with a weekly close below $52,614 potentially triggering declines toward the $40,000-$42,000 range.

On the flip side, if geopolitical concerns ease, or the U.S. elections spark positive market sentiment, Bitcoin could see a bullish reversal. Should BTC close above $63,000, upward targets of $64,758, $67,091, $70,500, and even $73,684 may be in play. A sustained weekly close above $70,500 could ignite a fresh Bitcoin rally, driving momentum in the market.

Altcoin investors should keep a close watch on Bitcoin's dominance. If it falls below 50%, the altcoin market could see substantial gains. For Ethereum ($ETH), the $2,500 level is critical—sustaining above this price could signal the start of an altcoin bull run.

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