BTC, the cryptocurrency that has been leading the downtrend for a long time, is counting down the days to a breakout. Bitcoin, which has been fluctuating between $60,000 and $62,000 for the past few days, is aiming for $70,000. On the other hand, however, BTC still has a tough road ahead. The upcoming US presidential election and geopolitical tensions could continue to put pressure on Bitcoin.
As of press time, BTC, which is trading at $62,102, could test $56,602 - $52,614 and $50,580 respectively if it breaks above $60,000. News flow related to Israel-Iran tensions will play a key role in this process. Rising tensions in the Middle East could increase selling pressure. A weekly close below the recently tested low of $52,614 could lead to a drop to $40,000-42,000.
If tensions between Israel and Iran ease, the US presidential election has a positive impact on the market, or $BTC closes daily above $63,000, the upside moves are to $64,758-67,091-$70,500 and $73,684 respectively. In such a scenario, the $70,500 level would be crucial. A weekly close above this level would accelerate Bitcoin's bull run.
Altcoin investors should focus on Bitcoinâs market dominance and Ethereumâs price. With Bitcoinâs dominance dropping below 50 percent, the altcoin market could see a strong rally. The $2,500 level will be crucial for $ETH. Any progress above this level will increase the altcoinâs upside potential.
