Bitcoin (BTC) is currently in a critical phase, hovering between $60,000 and $62,000 as it anticipates a potential breakout. While eyes are set on reaching $70,000, market pressures from geopolitical tensions, especially related to Israel and Iran, and the upcoming US presidential elections pose significant risks.
If BTC dips below $60,000, it could test levels around $56,602, $52,614, and possibly $50,580. Conversely, a positive shift in geopolitical conditions or a breakthrough above $63,000 could lead to gains toward $64,758, $67,091, and ultimately $70,500, where sustained weekly closings would further accelerate the rally.
In the altcoin space, Bitcoinâs dominance is key. Should it drop below 50%, we may see sharp increases in altcoins, with Ethereum's $2,500 level being particularly decisive for a potential altcoin bull market.
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