{"id":650965,"date":"2024-11-01T09:30:58","date_gmt":"2024-11-01T09:30:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=650965"},"modified":"2024-10-31T17:22:34","modified_gmt":"2024-10-31T17:22:34","slug":"bitcoin-faces-fifth-consecutive-rejection-at-72000-is-another-correction-coming","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-faces-fifth-consecutive-rejection-at-72000-is-another-correction-coming\/","title":{"rendered":"Bitcoin Faces Fifth Consecutive Rejection At $72,000, Is Another Correction Coming?"},"content":{"rendered":"

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.<\/p>\n

Related Reading: Analyst Says It\u2019s \u2018Time To Be Bullish On Ethereum\u2019 As ETH Retests $2,700<\/a><\/div>\n

BTC\u2019s Sweet 16 Party Turns Spooky<\/h2>\n

Bitcoin, the largest cryptocurrency by market capitalization, recorded an impressive rally in \u2018Uptober,\u2019 surging around 13% in the last 30 days. BTC\u2019s 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.<\/p>\n

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

On its whitepaper\u2019s 16th birthday, Bitcoin recorded a spooky 2% drop, driving the rest of the market to a red Halloween party. BTC\u2019s 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.<\/p>\n

Crypto analyst Ali Martinez pointed out<\/a> that today\u2019s 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.<\/p>\n

Analyst Altcoin Sherpa suggested<\/a> that BTC could see a 4% to 5% dip if the largest cryptocurrency doesn\u2019t hold the $70,000 support zone. Nonetheless, Sherpa considers that the cryptocurrency should \u201csee some sort of bounce\u201d from the $70,800-$71,400 area in the short term.<\/p>\n

BTC is expected to have an extremely volatile week ahead of the US presidential elections. Bitfinex analysts predicted<\/a> that Bitcoin volatility will peak between November 6 and November 8, as speculation and anticipation about the election outcome affect the cryptocurrency\u2019s performance.<\/p>\n

Is Bitcoin Gearing Up For End-Of-Year Breakout?<\/h2>\n

Cryptoinsightuk weighed in on Bitcoin\u2019s performance, noting<\/a> that BTC is still at ATH by Open Interest (OI). The crypto investor considers that the Daily Relative Strength Index (RSI) could potentially \u201ccross bearish\u201d today.<\/p>\n

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 \u201cmessy\u201d as BTC\u2019s open interest would \u201cflush.\u201d<\/p>\n

Meanwhile, Crypto Kaleo posted<\/a> a more bullish outlook for BTC\u2019s price action. The analyst highlighted that the flagship crypto didn\u2019t break above its ATH when it retested the $20,000 mark in 2020.<\/p>\n

Related Reading: Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next?<\/a><\/div>\n

Instead, Bitcoin initially pulled back nearly 20% during Thanksgiving, moving from $19,400 to $16,100. Moreover, BTC\u2019s price accumulated within that range for 30 days before breakout, seeing the next leg up in late December 2020.<\/p>\n

The analyst pointed out the breakout<\/a> happened 219 days after May 2020\u2019s Halving. As Bitcoin is currently 194 days post-halving, the analyst considers that \u201ca little bit of a pullback here isn\u2019t any reason for concern.\u201d<\/p>\n

As of this writing, Bitcoin has held the $70,000 support level, currently trading at $70,522.<\/p>\n

\"Bitcoin,
Bitcoin’s performance in the one-month chart. Source: BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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: Analyst Says It\u2019s \u2018Time To Be Bullish On Ethereum\u2019 As ETH Retests $2,700 BTC\u2019s Sweet 16 Party Turns Spooky Bitcoin, the largest cryptocurrency by market capitalization, recorded an impressive rally in \u2018Uptober,\u2019 surging around 13% in the last 30 days. BTC\u2019s 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\u2019s 16th birthday, Bitcoin recorded a spooky 2% drop, driving the rest of the market to a red Halloween party. BTC\u2019s 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\u2019s 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\u2019t hold the $70,000 support zone. Nonetheless, Sherpa considers that the cryptocurrency should \u201csee some sort of bounce\u201d 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\u2019s performance. Is Bitcoin Gearing Up For End-Of-Year Breakout? Cryptoinsightuk weighed in on Bitcoin\u2019s 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 \u201ccross bearish\u201d 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 \u201cmessy\u201d as BTC\u2019s open interest would \u201cflush.\u201d Meanwhile, Crypto Kaleo posted a more bullish outlook for BTC\u2019s price action. The analyst highlighted that the flagship crypto didn\u2019t break above its ATH when it retested the $20,000 mark in 2020. Related Reading: Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next? Instead, Bitcoin initially pulled back nearly 20% during Thanksgiving, moving from $19,400 to $16,100. Moreover, BTC\u2019s 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\u2019s Halving. As Bitcoin is currently 194 days post-halving, the analyst considers that \u201ca little bit of a pullback here isn\u2019t any reason for concern.\u201d As of this writing, Bitcoin has held the $70,000 support level, currently trading at $70,522. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":650968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,84297,88334,16241,1119,78790,26263,93167,10923,86360,89756,8323,1946,4313],"class_list":["post-650965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-ath","tag-bitcoin-rejection","tag-bitcoin-whitepaper","tag-btc","tag-btcusdt","tag-crypto-analyst","tag-crypto-investor","tag-crypto-market","tag-crypto-market-sentiment","tag-crypto-trader","tag-eth","tag-ethereum","tag-us-elections"],"acf":[],"yoast_head":"\nBitcoin Faces 5th Rejection At $72,000, Is A Correction Coming?<\/title>\n<meta name=\"description\" content=\"Ahead of its monthly close, Bitcoin was 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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