What’s Holding Bitcoin Back? Analyst Says $71,000 Is The Magic Number

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It’s yet another risk asset just like high-flying tech stocks.$BTC $GLD pic.twitter.com/SBLgLgdpKB — Jesse Colombo (@TheBubbleBubble) October 1, 2024 According to Jesse Colombo, a well-known market analyst, Bitcoin, as well as other cryptocurrencies, usually worsen during periods of geopolitical instability.

The recent rally in Bitcoin did NOT disturb the 7-month sequence of lower highs and lower lows.$BTC Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force pic.twitter.com/lFO9A20VPD — Peter Brandt (@PeterLBrandt) October 2, 2024 Roman is also one of the very popular crypto traders with a similar opinion.

Roman believes that Bitcoin will test the $55,000-$57,000 range before any hope of reversal, which again puts emphasis on struggling to break through at those resistance levels.

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Article Details

Author / Journalist: Christian Encila

Category: Crypto

Markets: United KingdomCanadaSouth KoreaOmanPhilippines

Topics: Israel Btcusd Cryptocurrency Market News Middle East Bitcoin Btc Crypto Iran

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-03 @ 11:00:07 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 754 words

Reading Time: 5 minutes read

Sentences: 92 lines

Sentence Length: 9 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 22862917

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