As of November 1, Bitcoin experienced a significant decline, dropping over 6.5% to approximately $69,200. This downturn followed a recent peak where the cryptocurrency reached $73,600. The timing of this drop coincides with significant political events, notably former President Donald Trump’s narrowing lead over Kamala Harris in prediction markets such as PredictIt, Polymarket, and Kalshi. This sudden price movement has sparked discussions among investors, with speculation about Bitcoin potentially dropping further towards the $65,000 mark.
The Importance of $65,000 for Bullish Momentum
Bitcoin is currently at a pivotal juncture as it teeters around the $69,000 mark. According to Credible Crypto, a respected analyst in the cryptocurrency community, this level is crucial for maintaining bullish momentum. He has advised his followers on platform X to be cautious of emerging bearish signals. Credible Crypto emphasizes that if Bitcoin fails to uphold the $65,000 support level, this could signal a downward trend, undermining Bitcoin’s rally prospects. He describes this threshold as the “must-hold” zone for bulls, warning that a drop below could initiate a bearish movement, potentially stalling Bitcoin’s rally ambitions.
In this market scenario, a rebound from the $65,000-$69,000 range is seen as a potential catalyst for Bitcoin to retest the $74,000 level. Although he remains cautiously optimistic, the analyst insists that maintaining this support range is vital for any sustained upward momentum. Should Bitcoin successfully hold this zone, it might have the opportunity to “swipe” the final set of untapped highs and revive its rally potential.
Weak Market Signals Despite $71,000 Breakout
The analyst also brings attention to Bitcoin’s recent movement past $71,000, highlighting that it did not display the characteristics of a robust upward trend. Credible Crypto points out that the rise was largely driven by leveraged longs rather than substantial buying, suggesting a lack of enduring bullish pressure. For a genuine upward momentum, he argues that the market requires impulsive price action propelled by actual market buying instead of leveraged trades.
What’s Next for Bitcoin?
Currently trading around $69,708, Bitcoin’s future trajectory heavily relies on its capacity to retain the $65,000 support zone. For the bulls, remaining within this range is crucial to keeping the rally alive and averting a potential shift towards bearish trends. This critical area could be the deciding factor in whether Bitcoin’s rally aspirations persist or if the market is poised to encounter a downturn. As the cryptocurrency market continues to evolve, investors and analysts alike are keenly observing these developments, eager to see what lies ahead for Bitcoin.
