The crypto world is having a rough patch right now. The whole market is down, dropping to around $2.36 trillion. People aren’t trading as much either; trading is down about 7% from yesterday.
Bitcoin has been on quite a ride lately; it shot up to $73,544 over three days, which got everyone excited. But then it slipped back down to around $70,614.
Popular analyst Crypto Yapper shared his thoughts on what’s happening and where he thinks Bitcoin’s price might go next.
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Bitcoin has been doing pretty well. It finally broke through that stubborn $69,000 mark that had been holding it back for a while. Bitcoin’s price was mostly climbing up in October, even with all the little dips along the way.
However, following the peak near $73,000, BTC has begun to retrace, moving back toward previously breached resistance levels. This corrective phase is typical after a strong rally, as investors look to take profits and the market finds a new support level to confirm the ongoing trend.
#Bitcoin Retracement !$BTC is dropping to previous resistance levels, to test them as supportThe resistance at $69,000 was broken, but not retested yetIf #BTC can come back to this level, we can see a Higher Low formingI am placing my limit orders at this level to buy… pic.twitter.com/gbaOV89IQz
— Crypto Yapper (@CryptoYapper) October 31, 2024
Key Support and Resistance Levels
Crypto Yapper highlights key levels that traders are monitoring. The immediate resistance level stands at $73,044, where BTC faced selling pressure after its recent high. If Bitcoin’s price fails to clear this level in future rallies, it may continue to consolidate or retrace.
On the downside, $69,000 has emerged as a vital support level. According to Crypto Yapper, this former resistance is now anticipated to act as a support zone, with the potential to form a “Higher Low” if BTC can successfully hold above this level.
Additionally, if BTC’s price fails to maintain support at $69,000, another significant level is identified at $65,400, which could act as a deeper cushion for the price.
Crypto Yapper suggests a strategy to place limit buy orders at $69,000, reflecting a belief in the support strength of this level. This approach aligns with the technical perspective that a retest of $69,000 could confirm a new support zone, potentially setting BTC up for a rebound.
The concept of a “Higher Low” forming at this level is crucial for traders watching Bitcoin’s trend, as it would affirm continued bullish control. If BTC bounces from $69,000, it could trigger additional buying interest, reinforcing the positive market sentiment.
Read Also: How Much Will 30 Solana (SOL) Tokens be Worth At the Peak of the Bull Run?
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