Bitcoin Retraces From Record High Nearing $73K, But Will It Hold Above $69K?

The crypto world is having a rough patch right now. The whole market is down, dropping to around $2.36 trillion.

The crypto market is experiencing a slight downturn, with the total market capitalization decreasing to around $2.36 trillion, indicating a drop of several billion dollars.

Moreover, trading volume has also decreased, showing a decline of about 7% in volume compared to the previous 24 hours.

Bitcoin has seen a roller coaster ride in the past few days, surging to a new three-day high of $73,544 on Monday, which sparked excitement among traders. However, BTC later slipped back down from this peak, trading at around $70,614 at the time of writing.

Popular crypto analyst Crypto Yapper shared his analysis on the price action, discussing the potential direction of Bitcoin’s price.

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Bitcoin has been rallying steadily, finally breaking through the persistent resistance of $69,000 that had been stalling its advance for some time. Throughout October, BTC has predominantly been climbing despite experiencing slight dips along the way.

However, following the peak around $73,000, BTC began to retrace, moving back toward the previously breached resistance levels. This corrective phase is common after a strong rally, as investors look to cash out and the market finds a new support level to validate the continuing trend.

After surging past the stubborn resistance of $69,000, Bitcoin’s price encountered selling pressure at higher levels, which is depicted by the red candlesticks in the chart. This price action suggests traders selling their BTC holdings as the price rallied rapidly.

The analysis highlights key levels that traders are monitoring. The immediate resistance level stands at $73,044, where BTC faced selling pressure after its recent high. If Bitcoin’s price fails to clear this level in future rallies, it may continue to consolidate or retrace.

On the downside, $69,000 has emerged as a vital support level. According to Crypto Yapper, this former resistance is now anticipated to act as a support zone with the potential to form a “Higher Low” if BTC can successfully hold above this level.

Furthermore, if BTC’s price fails to maintain support at $69,000, another significant level is identified at $65,400, which could act as a deeper cushion for the price.

This analysis suggests a strategy to place limit buy orders at $69,000, which reflects a belief in the support strength of this level. This approach aligns with the technical perspective that a retest of $69,000 could confirm a new support zone, potentially setting BTC up for a rebound.

The concept of a “Higher Low” forming at this level is crucial for traders watching Bitcoin’s trend, as it would affirm continued bullish control. If BTC bounces from $69,000, it could trigger additional buying interest, reinforcing the positive market sentiment.

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