Close Menu
Cryprovideos
    What's Hot

    Will Ethereum Value Pullback or Rally In the direction of $5,500?

    August 24, 2025

    SUI Soars 11% After Breakout however Faces Retest Threat at $3.10 Help ‣ BlockNews

    August 24, 2025

    Will YZY Pump Once more? Buyers Hunt The Greatest Meme Cash After Kanye West Rugpull – CryptoDnes EN

    August 24, 2025
    Facebook X (Twitter) Instagram
    Cryprovideos
    • Home
    • Crypto News
    • Bitcoin
    • Altcoins
    • Markets
    Cryprovideos
    Home»Markets»Bitcoin Faces 5th Rejection At $72,000, Is A Correction Coming?
    Bitcoin Faces 5th Rejection At ,000, Is A Correction Coming?
    Markets

    Bitcoin Faces 5th Rejection At $72,000, Is A Correction Coming?

    By Rubmar GarciaNovember 1, 2024No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Este artículo también está disponible en español.

    Ahead of its monthly close, Bitcoin (BTC) has seen another unsuccessful attempt to reclaim the $72,000 resistance as a support level. Despite the drop, some analysts consider the cryptocurrency is still in a strong position for an upcoming breakout, setting the next levels to watch.

    Related Reading

    BTC’s Sweet 16 Party Turns Spooky

    Bitcoin, the largest cryptocurrency by market capitalization, recorded an impressive rally in ‘Uptober,’ surging around 13% in the last 30 days. BTC’s price has jumped from the $58,900 monthly low to near its all-time high (ATH) price of $73,737, reaching the $73,300 mark on Wednesday.

    Following the green September close, the flagship crypto is set to have its best monthly close since March, potentially registering around 13$ to 14% in monthly returns despite its most recent price action.

    On its whitepaper’s 16th birthday, Bitcoin recorded a spooky 2% drop, driving the rest of the market to a red Halloween party. BTC’s price fell below the $71,000 mark, reaching an intraday low of $70,600. Meanwhile, the second largest cryptocurrency by market capitalization, Ethereum (ETH), pulled back around 5.1%, losing the $2,600 support zone.

    Crypto analyst Ali Martinez pointed out that today’s drop is the fifth consecutive rejection BTC faces at $72,000. Since its ATH, Bitcoin has been rejected from this resistance level five times, dropping between 8.2% and 18% the four previous times.

    Analyst Altcoin Sherpa suggested that BTC could see a 4% to 5% dip if the largest cryptocurrency doesn’t hold the $70,000 support zone. Nonetheless, Sherpa considers that the cryptocurrency should “see some sort of bounce” from the $70,800-$71,400 area in the short term.

    BTC is expected to have an extremely volatile week ahead of the US presidential elections. Bitfinex analysts predicted that Bitcoin volatility will peak between November 6 and November 8, as speculation and anticipation about the election outcome affect the cryptocurrency’s performance.

    Is Bitcoin Gearing Up For End-Of-Year Breakout?

    Cryptoinsightuk weighed in on Bitcoin’s performance, noting that BTC is still at ATH by Open Interest (OI). The crypto investor considers that the Daily Relative Strength Index (RSI) could potentially “cross bearish” today.

    He also highlighted that $69,600 should work as a key support level for Bitcoin bulls but warned that losing the $66,500 range could be “messy” as BTC’s open interest would “flush.”

    Meanwhile, Crypto Kaleo posted a more bullish outlook for BTC’s price action. The analyst highlighted that the flagship crypto didn’t break above its ATH when it retested the $20,000 mark in 2020.

    Related Reading

    Instead, Bitcoin initially pulled back nearly 20% during Thanksgiving, moving from $19,400 to $16,100. Moreover, BTC’s price accumulated within that range for 30 days before breakout, seeing the next leg up in late December 2020.

    The analyst pointed out the breakout happened 219 days after May 2020’s Halving. As Bitcoin is currently 194 days post-halving, the analyst considers that “a little bit of a pullback here isn’t any reason for concern.”

    As of this writing, Bitcoin has held the $70,000 support level, currently trading at $70,522.

    Bitcoin, BTC, BTCUSDT
    Bitcoin’s performance in the one-month chart. Source: BTCUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    SUI Soars 11% After Breakout however Faces Retest Threat at $3.10 Help ‣ BlockNews

    August 24, 2025

    Will YZY Pump Once more? Buyers Hunt The Greatest Meme Cash After Kanye West Rugpull – CryptoDnes EN

    August 24, 2025

    OP Value Prediction: Concentrating on $0.88 Resistance with 12% Upside Potential in 2-3 Weeks

    August 24, 2025

    Why Luca Netz Will Be 'Dissatisfied' If Pudgy Penguins Doesn't IPO Inside 2 Years – Decrypt

    August 24, 2025
    Latest Posts

    Bitcoin 30-Day Lively Provide Indicators Gradual Exercise—Might BTC Be Getting ready For A Huge Transfer?

    August 24, 2025

    XRP Rockets 32,474% in Liquidation Imbalance, Ultimate Bitcoin Block Date Revealed, Shiba Inu Thoughts-Blowing Comeback — High Crypto Information – U.As we speak

    August 24, 2025

    Saylor indicators third consecutive Technique Bitcoin purchase in August

    August 24, 2025

    Bitcoin (BTC) Mining Faces 'Extremely Tough' Market as Energy Turns into the Actual Forex

    August 24, 2025

    Ethereum Breaks 8-Yr Resistance Towards Bitcoin – Particulars

    August 24, 2025

    Bitcoin (BTC) Value Prediction for August 24 – U.Immediately

    August 24, 2025

    How a GameStop Shopper Received $115K in Bitcoin From a $13 Pack of Playing cards – Decrypt

    August 24, 2025

    Bitcoin (BTC) Information: Crypto Curiosity Trails AI and Humanoids Amongst Future Finance Leaders, Morgan Stanley Intern Survey Reveals

    August 24, 2025

    CryptoVideos.net is your premier destination for all things cryptocurrency. Our platform provides the latest updates in crypto news, expert price analysis, and valuable insights from top crypto influencers to keep you informed and ahead in the fast-paced world of digital assets. Whether you’re an experienced trader, investor, or just starting in the crypto space, our comprehensive collection of videos and articles covers trending topics, market forecasts, blockchain technology, and more. We aim to simplify complex market movements and provide a trustworthy, user-friendly resource for anyone looking to deepen their understanding of the crypto industry. Stay tuned to CryptoVideos.net to make informed decisions and keep up with emerging trends in the world of cryptocurrency.

    Top Insights

    Treasury and IRS end dealer guidelines for DeFi, require KYC from protocols

    December 27, 2024

    Cardano Positive factors Slowly, However Lightchain AI’s Ongoing Presale Sparks Contemporary Demand Throughout Crypto Communities

    May 27, 2025

    Crypto Foe and SEC Chair Gary Gensler Will Give up When Trump Takes Workplace

    November 21, 2024

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    • Home
    • Privacy Policy
    • Contact us
    © 2025 CryptoVideos. Designed by MAXBIT.

    Type above and press Enter to search. Press Esc to cancel.