{"id":1074,"date":"2024-11-04T06:00:20","date_gmt":"2024-11-04T06:00:20","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/bitcoin-may-slide-to-65000-as-critical-support-level-fails-details\/"},"modified":"2024-11-04T06:00:20","modified_gmt":"2024-11-04T06:00:20","slug":"bitcoin-may-slide-to-65000-as-critical-support-level-fails-details","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/bitcoin-may-slide-to-65000-as-critical-support-level-fails-details\/","title":{"rendered":"Bitcoin May Slide To $65,000 As Critical Support Level Fails \u2013 Details"},"content":{"rendered":"

The price of Bitcoin has experienced some instability in the last few hours declining by almost 3%. This negative price action drives more attention to the largest digital asset, especially with the US election fast approaching. While many analysts are now skeptical of Bitcoin’s immediate movements, pro-trader Justin Bennett already issued a cautionary insight into the asset’s future.\n<\/p>\n

Bitcoin Breaches Crucial $69,000 Support Zone<\/strong><\/h2>\n

Inpullback to around $69,000 on Friday. Interestingly, Bennet stated that $69,000 represented a critical support zone for Bitcoin. He emphasized the importance of the token\u2019s value staying above this price level, describing it as the \u201clast line of defense\u201d for the market bulls.<\/p>\n

In the last few hours, Bitcoin has fallen below $69,000 reaching around $67,900. According to Bennet’s prediction,\u00a0 Bitcoin could now slump as low as $65,000 where its next major resistance lies. Importantly, such a decline will indicate the digital asset has yet to break out of a consolidation range stretching over the last eight months.<\/p>\n

\"Bitcoin\"<\/p>\n

In terms of future price gains, Bennet has stated his expectations of Bitcoin to eventually surpass its all-time high (ATH) at $73,750, albeit he remains uncertain of how low the asset will trade before achieving this feat.\u00a0<\/p>\n

Since hitting its ATH in March, Bitcoin has only produced a range-bound price movement between $55,000-$72,000 even despite positive market indicators such as Fed rate cuts and significantly high inflows in the Spot Bitcoin ETF market.\u00a0However, a traditionally bullish Q4, the potential of sustained heightened ETF inflows, and the upcoming US election signals an imminent possible price breakout for the crypto market leader.<\/p>\n

Bitcoin Sentiment Bullish As US Election Approaches<\/strong><\/h2>\n

Despite recent price loss, data from CoinMarketCap<\/a> shows the general market sentiment on Bitcoin remains highly bullish ahead of the US general election. Historically, the maiden cryptocurrency has always experienced a decline<\/a> in the days leading to the election with price drops of 10.2%\u00a0 in 2016, 6.1% in 2020, and most recently 6.3% in 2024. While there is still the possibility of further price losses before D-day on November 5, investors are likely to be unfazed as Bitcoin’s price has always gone parabolic after the elections.<\/p>\n

At the time of writing, the crypto market leader continues to trade around $68,175 following a 2.52% loss in the past day. However, the daily trading volume is down by 53.91% and is valued at $21.76 billion.<\/p>\n

\"Bitcoin\"<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin has experienced some instability in the last few hours declining by almost 3%. This negative price action drives more attention to the largest digital asset, especially with the US election fast approaching. While many analysts are now skeptical of Bitcoin’s immediate movements, pro-trader Justin Bennett already issued a cautionary insight into…<\/p>\n","protected":false},"author":1,"featured_media":1075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[22,879,880,35,36,748],"class_list":["post-1074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-consolidation","tag-bitcoin-support-level","tag-btcusd","tag-btcusdt","tag-us-elections"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=1074"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/1075"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=1074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=1074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=1074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}