{"id":1103,"date":"2024-11-01T19:13:07","date_gmt":"2024-11-01T19:13:07","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoin-faces-fifth-consecutive-rejection-at-72000-is-another-correction-coming\/"},"modified":"2024-11-01T19:13:07","modified_gmt":"2024-11-01T19:13:07","slug":"bitcoin-faces-fifth-consecutive-rejection-at-72000-is-another-correction-coming","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/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

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 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 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

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 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,<\/p>\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. BTC\u2019s Sweet 16 Party Turns Spooky Bitcoin, the largest cryptocurrency…<\/p>\n","protected":false},"author":1,"featured_media":1104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119],"tags":[56,608,760,761,61,62,42,245,85,762,281,64,66,617],"class_list":["post-1103","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"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=1103"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/1104"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=1103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=1103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=1103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}