Bitcoin Rebuffed at $70,000, Prominent Analyst Urges Crucial Support at $66,000

Bitcoin’s attempt to surpass the $70,000 resistance level was thwarted by heavy profit-taking, resulting in a dip to $68,000. The cryptocurrency faced significant selling pressure, preventing it from holding the $70,000 level. Market analysts believe that upcoming US economic data could have a significant impact on investor sentiment and global financial trends.

Renowned crypto analyst Michaël van de Poppe recently shared his perspective on Bitcoin’s latest price movements. According to van de Poppe, Bitcoin was rejected at the $70,000 mark, failing to break through this critical resistance level. Despite its efforts to rise further, Bitcoin couldn’t sustain its momentum beyond $70,000, highlighting the ongoing challenges it faces in surpassing this psychological barrier.

Van de Poppe emphasized the importance of the $66,000 support level, stating that as long as Bitcoin can maintain this support, the market should remain stable. He expressed his desire for $66,000 to hold as support, as that would indicate a positive outlook for Bitcoin. Van de Poppe described the current market conditions as monotonous, with Bitcoin struggling to rise and support levels being tested.

Another renowned crypto analyst, Capo of Crypto, shares a similar viewpoint, identifying $67,000 as the primary support zone for Bitcoin. He believes that demand is being added at this level, indicating that it should hold and result in a bullish continuation. However, if this support 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, it could potentially surge to $71,000. Concerns about recent Bitcoin movements related to the defunct exchange Mt. Gox have also caused some unease in the market.

Currently, Bitcoin’s price has dipped by 0.65%, settling at $68,032. However, the 24-hour trading volume for BTC has seen a significant increase of 61.70%, reaching $30.30 billion. Despite the price drop, Bitcoin maintains a substantial market capitalization of $1.34 trillion.