Bitcoin attempted to surpass the $69,000 mark but faced resistance, hovering around $69,000. Bulls pushed the price beyond $69,500, but bears intervened near $70,000.
After hitting a high of $69,981, Bitcoin saw a downward correction, slipping below $69,500 and $69,200. It breached the 23.6% Fib retracement level from the recent low of $65,200 to the high of $69,981.
Bitcoin currently trades above $68,000 and the 100-hourly Simple Moving Average (SMA). A bullish trend line, supported at $68,000, is evident on the hourly chart of BTC/USD. This trend line aligns closely with the 50% Fib retracement level, marking a potential support zone.
Immediate resistance is anticipated near $68,850, with a key level at $69,200. Surpassing this could lead to a test of the $69,500 resistance area. Should Bitcoin break above $69,500 convincingly, it might aim for the $70,000 zone, possibly targeting $72,000.
Bitcoin Price Faces Challenge at Resistance Zone; Breakdown Could Spur Pullback
Failure to breach the $68,850 resistance zone might trigger another downward move. Initial support lies at $68,000 and the trend line. A breach could push the price towards major support at $67,000, potentially initiating a pullback towards $65,500. Further losses could test the $64,400 support zone.
Video streaming platform Rumble has purchased approximately 188 Bitcoin (worth around $17.1 million) ahead of the recent market downturn, the company announced Wednesday.
XingChiBitcoin, an entity that was once dominated by China, seems to be slipping away from China and tipping towards the United States and President Trump.
XingChiSenator Cynthia Lummis has reintroduced the BITCOIN Act in the 119th Congress, unveiling revisions to the groundbreaking bill alongside new co-sponsors.
CatherineCanada has chosen its new Prime Minister Mark Carney, a former central banker and Bitcoin critic who would be replacing former Prime Minister Justin Trudea to be the new leader of the country. But Carney's victory is hardly good news for the local crypto community, given the Prime Minister's skepticism towards Bitcoin and cryptocurrency.
XingChiThe SGX plans to launch Bitcoin perpetual futures in H2 2025, pending regulatory approval. Available only to institutional and professional investors, SGX aims to provide a regulated alternative to offshore crypto exchanges like Binance and OKX, offering a more secure trading option for large-scale investors.
CatherineBitcoin has dropped to $78,500, a four-month low, while Ethereum hits its weakest level since November 2023. Some predict BTC could fall to $70,000, while others see rising M2 liquidity as a recovery signal. With macroeconomic headwinds and no clear bullish catalysts, is Bitcoin bottoming out or headed for further losses?
CatherineTrump’s White House crypto summit disappointed investors, offering only vague promises on stablecoin legislation and regulation instead of major policy shifts. Could his presidency threaten the future of digital assets?
CatherineThe fifth richest man in Mexico, billionaire Ricardo Salinas announced that he has stored 70% of his assets in bitcoin. Salina's investment strategy is notably unconventional, but it reflects his belief that bitcoin is the more robust and reliable asset.
XingChiRobinhood Trivia Live is offering over $2 million in Bitcoin and Dogecoin prizes this Wednesday and Thursday. Will this become a weekly competition or a just one-time game?
CatherineTrump’s trade war spurred a market downturn, wiping out billions in a day. Bitcoin fell below $85,000, Ethereum dropped 11%, and crypto lost $500 billion, erasing gains from his US Crypto Reserve announcement. Is this a brief dip or a deeper decline?
KikyoTraders and market analysts are divided over Bitcoin’s next potential macro top, with more optimistic predictions suggesting it could reach $120,000. Can Bitcoin break above the $71,500 mark on a weekly close?
JinseFinanceMay 22 is "Bitcoin Pizza Day," commemorating the historic event in 2010 when 10,000 bitcoins were used to purchase two Papa John's pizzas. From $41 worth of pizza to $700 million in wealth, Bitcoin's price surge over the past 15 years has proven it to be the best-performing financial asset in history.
MiyukiBitcoin's price has been soaring since its launch in 2008. Early investors are now reaping returns in the millions of dollars. Nevertheless, its volatility and regulatory uncertainty remain significant risks for investors.
BerniceA trader turned $900 into $3.47 million in five days by trading Solana's meme token ANALOS, achieving a profit over 3,800 times their initial investment.
AlexMATIC, the native cryptocurrency of Polygon, has recently gained traction, showing a 50% increase in price surge in the last 20 days, amid the optimistic trend circling the cryptocurrency market due to the recently finished Uptober rally.
BitcoinworldAccording to Breedlove, his model places Bitcoin to trade at $12.5 million by 2031, a value equivalent to $1 million based on today’s purchasing power.
FinboldThe top cryptocurrency by market value rose over 5% to $20,350, according to CoinDesk data.
Coindesk
NulltxThe Crema Finance team awarded the hacker who made off with nearly $10 million in funds from the protocol 16.7% of the stolen funds as a white hat bounty.
CointelegraphThe U.S. dollar index could rally further in the coming weeks, which is typically bad news for Bitcoin.
Cointelegraph
