Bitcoin Zigzags Around $70,000: What Is Going On?

Bitcoin's (CRYPTO: BTC) continued its volatile trading action around the $70,000 mark on Friday morning as traders and analysts try to pin down key support and resistance levels.

What Happened: Bitcoin dipped to a low of $68,840 during the Asian trading session but has since recovered above $70,200 at the time of writing. The apex crypto is down 2.7% over the past 24 hours per Coingecko data.

Pseudonymous crypto trader Astronomer Zero shared a cautiously optimistic outlook on his X profile on Thursday, identifying $69,500 as a crucial price point.

He targeted the area as an entry point but has yet to provide an update on his trade as the price traded through the targeted area overnight. The trader ultimately aims for $81,000 to take profit.

Also Read: Bitcoin, Gold Will Surge If Donald Trump Wins: JPMorgan

With Bitcoin dipping below $70,000 and recovering, crypto analyst Ali Martinez’s prediction of a bounce near $69,000 aligns with recent trading data. On Oct. 27, he forecasted a potential Bitcoin rally to $78,000 if a pullback to $69,000 holds. His analysis suggested Bitcoin needs to maintain support above $65,000 to secure upward momentum.

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— Ali (@ali_charts) November 1, 2024

IntoTheBlock data shows large transaction volume decreasing by 9.7% and daily active addresses marginally up by 0.7%. Transactions greater than $100,000 are down from 11,191 to 10,825 in a single day. All Bitcoin holders are currently in profit, with exchange netflows down by 75%.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Bitcoin To Cross $100,000 By Early 2025, Bitwise Chief Investment Officer Predicts

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