For the past two weeks, bitcoin (BTC) has seen a crazy rally, and yesterday, it surged to almost $70,000. The gains, however, displease some market analysts that believe recent price retracements represent another correction before the U.S. Presidential election in November.
Bitcoin has seen a mighty surge in what has been called Uptober, from an open price of $60,000 to 12% higher, reclaiming key resistance levels. Taking back the lead after a period of falling back over the last 14 days, BTC gained about 14% as it approached the much sought after $70,000 level.
Bitcoin Faces Key Resistance Levels
Yet the cryptocurrency ran into resistance ahead of surpassing $69,000, a price not seen since July. After clinging to this level, Bitcoin slipped 5.3 percent lower to the $65,000 to $66,000 range. Although some analysts are predicting correction in the short term, BTC has managed to hold the 100MA, which is positive news.
Crypto analyst Altcoin Sherpa said there are ‘choppy conditions’ in the market and he sees one last shakeout from Bitcoin, which could hit down to $62,000-$64,000 range around the time of the U.S. election on November 5.
While the scenario seems cautiously optimistic, there is still a lot of Bitcoin bulls are still bullish on. According to analyst Crypto King, BTC could rally to $70,000 within the week but will likely find rejection and have a 8% retracement to the $64,000-$65,000 region. Such a dip could lead altcoins to increase by around 5 to 6 times, suggests he.
While other emphasize key support levels. Moustache writes that if BTC can hold support in the $67,000-$68,000 range, it could break $70,000 soon. BTC broke out of a weekly bull flag crypto yapper noted, indicating a potential explosion, but rekt capital added that having a close up above $66,300 is fundamental for further momentum.
At the time of writing, Bitcoin is trading for $67,737 with a 0.3% gain on the day.
