Bitcoin rejects $70,000; here are key levels to look out for

Bitcoin rejects $70,000; here are key levels to look out for

The crypto market has picked up pace in the past several months. As the world’s biggest crypto, Bitcoin leads the crowd with a clear advantage.

While BTC has gained 45.59% value in the past month, it fails to stay above the $70k mark comfortably. The coin keeps fluctuating at the $70k resistance level, only to drop to the 67k support level.

The struggle became surreal at $69,981 when the bears became active on Bitcoin. A movement below $69,500 and $69,200 levels also became active. BTC’s price was rejected under the 23.6% Fib retracement level between $65,200 and $69,981.

Although the asset had struggled to make it past $70k of Bitcoin future predictions see it touching $100k soon. At the moment of writing, Bitcoin is trading at $70,618, a feat the coin has achieved for the first time.

The biggest crypto in the world has reached its all-time high, but the speculations surrounding sustainability remain. The crypto can find immediate resistance at $70,800. Additional gains could propel the price near $72,000.

However, if BTC falls below $68,500, it can result in another decline. Support is available at $68,000, where the crypto can trade for a bit. The first major support is set at $67,000, and a dip below that would trouble the traders.

If BTC drops below the support level, it can hit the $65,500 level, eventually reaching the $64,400 support level. Seeing the current market trend adopted by BTC, it seems to be en route to becoming the first crypto to hit the $100k mark in history.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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Published at Mon, 11 Mar 2024 10:11:26 +0100

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