Bitcoin May Slide To $65,000 As Critical Support Level Fails

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,939,985,520,288	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,939,985,520,288

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-47.84	-0.05%	98,160.88	98,161.29	98,169.59

Price Change

Price Change %

Current Price

Bid Price

Offer

-47.84

-0.05%

98,160.88

98,161.29

98,169.59

High Price	Low Price	Open Price	Prev. Close	52 Week Range
98,386.57	98,020.01	98,177.44	98,208.72	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

98,386.57

98,020.01

98,177.44

98,208.72

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	02:16:07	0.002572	98,159.89	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

02:16:07

0.002572

98,159.89

USD

Price x Volume	Volume	Base Symbol	Related Pairs
17,716,764.90	180.43	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

17,716,764.90

180.43

Bitcoin May Slide To $65,000 As Critical Support Level Fails – Details

03/11/2024 6:00pm

NEWSBTC

The price of Bitcoin has experienced some instability in the last few hours declining by almost 3%. This negative price action drives more attention to the largest digital asset, especially with the US election fast approaching. While many analysts are now skeptical of Bitcoin’s immediate movements, pro-trader Justin Bennett already issued a cautionary insight into the asset’s future. Related Reading: How To Trade Bitcoin During The US Election, Expert Reveals Bitcoin Breaches Crucial $69,000 Support Zone In an X post on November 1, Bennet shared an analysis of the BTC market, proclaiming the dip below $70,000 as a concerning development. Notably, the premier cryptocurrency had risen by over 23% in the past three weeks to trade briefly above $73,000 before experiencing a pullback to around $69,000 on Friday. Interestingly, Bennet stated that $69,000 represented a critical support zone for Bitcoin. He emphasized the importance of the token’s value staying above this price level, describing it as the “last line of defense” for the market bulls. In the last few hours, Bitcoin has fallen below $69,000 reaching around $67,900. According to Bennet’s prediction, Bitcoin could now slump as low as $65,000 where its next major resistance lies. Importantly, such a decline will indicate the digital asset has yet to break out of a consolidation range stretching over the last eight months. In terms of future price gains, Bennet has stated his expectations of Bitcoin to eventually surpass its all-time high (ATH) at $73,750, albeit he remains uncertain of how low the asset will trade before achieving this feat. Since hitting its ATH in March, Bitcoin has only produced a range-bound price movement between $55,000-$72,000 even despite positive market indicators such as Fed rate cuts and significantly high inflows in the Spot Bitcoin ETF market. However, a traditionally bullish Q4, the potential of sustained heightened ETF inflows, and the upcoming US election signals an imminent possible price breakout for the crypto market leader. Related Reading: Bitcoin On-Chain Indicator Signals Panic Selling At Current Levels – Time To HODL? Bitcoin Sentiment Bullish As US Election Approaches Despite recent price loss, data from CoinMarketCap shows the general market sentiment on Bitcoin remains highly bullish ahead of the US general election. Historically, the maiden cryptocurrency has always experienced a decline in the days leading to the election with price drops of 10.2% in 2016, 6.1% in 2020, and most recently 6.3% in 2024. While there is still the possibility of further price losses before D-day on November 5, investors are likely to be unfazed as Bitcoin’s price has always gone parabolic after the elections. At the time of writing, the crypto market leader continues to trade around $68,175 following a 2.52% loss in the past day. However, the daily trading volume is down by 53.91% and is valued at $21.76 billion. Featured image from Shutterstock, chart from Tradingview

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