Bitcoin (BTC) continues its rollercoaster ride, trading around the $70,000 mark on Friday morning. As traders and analysts grapple with the cryptocurrency’s fluctuating price, they’re closely watching key support and resistance levels to predict its next move.
During the Asian trading session, Bitcoin dipped to a low of $68,840. However, it has since rebounded and is currently trading above $70,200. Despite this recovery, Bitcoin is down 2.7% over the past 24 hours, according to data from Coingecko.
Crypto analyst Astronomer Zero expressed a cautious optimism on Thursday, highlighting $69,500 as a crucial price point. He identified this area as a potential entry point for trading. While he hasn’t provided an update on his trade after the price moved through his target overnight, he ultimately aims for a profit target of $81,000.
Another analyst, Ali Martinez, predicted a bounce near $69,000, a prediction that aligns with the recent price action. On October 27th, he forecasted a potential Bitcoin rally to $78,000 if the $69,000 support holds. He emphasized the need for Bitcoin to maintain support above $65,000 to sustain upward momentum.
Meanwhile, on-chain data from IntoTheBlock reveals a 9.7% decrease in large transaction volume. Despite this, daily active addresses have shown a marginal increase of 0.7%. The number of transactions exceeding $100,000 has declined from 11,191 to 10,825 within a single day. Notably, all Bitcoin holders are currently in profit, and exchange netflows have dropped by 75%.
The growing influence of Bitcoin as an institutional asset class will be explored in detail at Benzinga’s upcoming Future of Digital Assets event on November 19th.
