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Bitcoin Bears Loom if BTC Stays Under $70,000 Level. Crypto analyst DonAlt has issued a warning about Bitcoin’s near-term prospects, highlighting potential bearish risks if BTC fails to secure a close above the critical $70,000 mark. Currently trading at $69,379, Bitcoin could face heightened selling pressure if it remains below this level. DonAlt points out that a weekly close below $70,000 could trigger a wave of sell-offs, leading Bitcoin down to around $60,000, with a further decline possibly reaching $50,000.
DonAlt cautions that a red close for the week would signal market weakness, intensifying bearish momentum. If Bitcoin continues trading under $70,000, it may place investors in a vulnerable position as the likelihood of a deeper correction grows. This key level now serves as a psychological and technical threshold for BTC, with its failure to rise above potentially setting the stage for a more substantial decline. Traders are watching closely for the week’s outcome.
Key Bitcoin Levels To Watch – November 3
The BTCUSD pair shows a clear rejection near the resistance level of $70000, suggesting a bearish trend. The price broke below the 9-day SMA, confirming selling pressure.
A Change of Character (ChoCH) near $66550 hints at a potential move lower towards the $65150 support zone. If the bearish momentum continues, we could see a further decline toward the $57480 and $52530 support levels.
BTCUSD Key Levels
Resistance Levels: $70000, $73840, $80000
Support Levels: $57480, $52530, $49050
BTC/USD Metrics
Total Market Capitalization: $2.29T
Bitcoin Market Capitalization: $1.35T
Bitcoin Volume: $24.67B
Market Rank: #1
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