Bitcoin (BTC) finds itself facing its fifth consecutive rejection at the critical $72,000 resistance level. Analysts remain split over whether this signals an impending correction or a solid foundation for a breakout. Despite recent setbacks, Bitcoin has exhibited strength with a 13% rally in October, boosting optimism among some market participants.
The flagship cryptocurrency's price behavior has been closely watched, especially as it approaches its monthly close, which is expected to show the most significant returns since March. Analysts are eyeing support levels around $70,000 to $71,400 closely, anticipating potential dips and bounce-back points within this range.
Meanwhile, the broader market also felt the impact, with Ethereum (ETH) experiencing a 5.1% decline, falling below its $2,600 support. Crypto analysts suggest heightened volatility is forthcoming, especially with the approaching US presidential elections, expected to influence Bitcoin's price performance significantly.
Experts like Crypto Kaleo highlight that Bitcoin's current consolidation mirrors past trends, like the 2020 Thanksgiving period, suggesting that a pullback does not necessarily spell trouble in the long run. The current price action is being compared to previous cycles, with some predicting a year-end breakout.
With Bitcoin trading at $70,522, sustaining key support levels amid anticipated market fluctuations will be crucial. Analysts advise careful monitoring as Bitcoin remains on thin ice, with volatility expected to peak in early November.
