Analysts Identify Crucial Support Levels to Monitor as Bitcoin Plummets Due to Profit-Taking

Bitcoin’s bid to surpass the $70,000 resistance level was thwarted by intense profit-taking, resulting in a decline to $68,000. The cryptocurrency struggled to sustain the $70,000 level due to significant selling pressure. Market experts believe that the upcoming US economic data will play a crucial role in shaping investor sentiment and global financial trends.

Renowned crypto analyst Michaël van de Poppe recently shared his insights on Bitcoin’s latest price movements. He pointed out that Bitcoin failed to break through the critical resistance level at $70,000, despite multiple attempts. This rejection highlights the challenges faced by Bitcoin in surpassing this psychological barrier. Van de Poppe emphasizes the importance of the $66,000 support level, stating that as long as Bitcoin can hold this support, the market should remain stable.

Echoing a similar view, renowned crypto analyst Capo of Crypto identifies $67,000 as the primary support zone for Bitcoin. However, if this support level fails, the next level to watch is $65,000. Capo’s chart suggests that if the $67,000 support holds and Bitcoin breaks the $69,000 resistance, there is a potential for a surge to $71,000.

In the current market conditions, Bitcoin’s price dipped by 0.65% to settle at $68,032. However, the 24-hour trading volume for BTC saw a significant increase of 61.70% to reach $30.30 billion. Despite the price drop, Bitcoin maintained a substantial market capitalization of $1.34 trillion.

The market remains uncertain as to whether Bitcoin will overcome these barriers or face further setbacks. Only time will tell.