$68,000 has been identified as a critical support level for Bitcoin (CRYPTO: BTC), following its surge to a new all-time high on election night.
What Happened: In a comprehensive breakdown of Bitcoin's performance over the past seven months, crypto trader Scient identified two similar structures within this period: a bearish and a bullish structure.
He noted that the first, bearish range formed a high at $73,800 and lows at $59,000. After sweeping the lows at $59,000, it failed to reclaim the demand at this level, resulting in a breakdown and formation of a new low at $53,300.
The second range, bullish in nature, had highs at $70,000 and lows at $53,300. Respecting these lows, it swept the $53,300 lows, followed by a successful retest of the $53,300 lows to confirm the support. This resulted in a bounce and reclaiming of the demand at lows, confirming the strength of the market.
Also Read: Bitcoin's All-Time High: 'A Groundbreaking Milestone' And 'Strong Post-Election Rally' Coming, Experts Predict
Scient asserts that Bitcoin's current one-day chart remains robust, with $68,000 acting as a crucial support. However, he warns that a break below this could lead to renewed market uncertainty.
Echoing Scient's analysis, crypto trader Pentoshi expressed confidence in Bitcoin's momentum, anticipating a rally beyond $100,000 in the coming months:
Hard to imagine a world where $btc doesn't trade above $100k in the next several months
— Pentoshi (@Pentosh1) November 6, 2024
But I'm guessing most people want to see an update on the alt market overall so I'll do that today. There's a lot to like
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.
- Bitcoin Hits New All-Time High As Donald Trump Wins Second Term: What Now?
Image: Shutterstock
