Bitcoin Price Drops Below $69,000 Support Level Amid Market Concerns
Bitcoin's price has decreased by nearly 3% recently, drawing attention to the cryptocurrency as the US election approaches. Analysts express skepticism about Bitcoin's immediate movements, while pro-trader Justin Bennett offers insights into its future.
Bitcoin Breaches Crucial $69,000 Support Zone
In a recent X post, Bennett noted that Bitcoin's drop below $70,000 is concerning. After a rise of over 23% in three weeks, briefly surpassing $73,000, Bitcoin pulled back to around $69,000 on Friday. Bennett highlighted that $69,000 is a critical support zone, referring to it as the “last line of defense” for market bulls.
Currently, Bitcoin has fallen below this level to approximately $67,900. Bennett predicts a potential decline to $65,000, indicating that Bitcoin remains within a consolidation range that has persisted for eight months.
Bennett expects Bitcoin to eventually exceed its all-time high (ATH) of $73,750 but is uncertain how low it may decline before achieving this goal. Since reaching its ATH in March, Bitcoin has fluctuated between $55,000 and $72,000 despite positive indicators like Fed rate cuts and high inflows in the Spot Bitcoin ETF market. Factors such as a traditionally bullish Q4, potential sustained ETF inflows, and the upcoming US election suggest a possible price breakout for Bitcoin.
Bitcoin Sentiment Bullish As US Election Approaches
Despite recent losses, CoinMarketCap data indicates that market sentiment towards Bitcoin remains highly bullish ahead of the US general election. Historically, Bitcoin has seen price declines leading up to elections, with drops of 10.2% in 2016, 6.1% in 2020, and 6.3% in 2024. While further losses are possible before November 5, investors tend to remain optimistic, as Bitcoin's price typically increases significantly after elections.
As of now, Bitcoin trades around $68,175, reflecting a 2.52% loss in the past day. Daily trading volume has decreased by 53.91%, totaling $21.76 billion.
