Crypto market watch: Bitcoin fails to maintain $70K as profit-booking hits market

Bitcoin couldn't sustain the $70,000 resistance level due to significant profit-taking. BTC's short-term support is at $68,000, according to Shivam Thakral, CEO of BuyUcoin. Similarly, Ethereum's upward trend halted as it dropped nearly 2 per cent, marking its first downward movement in two weeks. Thakral says the upcoming US economic data could significantly influence investor sentiment and global financial markets.


Thakral said, “Bitcoin, the world’s largest digital asset by market cap failed to break the $70k resistance level yesterday as it faced heavy liquidations due to profit booking.” He added, “The US economic data slated to be released this week may have a significant impact on investor sentiment and decide the course of financial markets across the globe.”

CoinDCX research team claims that BTC dominance continued to decline, but it could help alts gain strength. The funding rates of most tokens are neutral, while altcoins also showed mixed performance.

Rajagopal Menon, VP of WazirX, highlighted that Bitcoin, currently trading at $68,440, is consolidating around $68,500, unable to maintain the crucial $70,000 level. If BTC drops below $68,000, it might test the $65,000 and $62,000 support levels.

Menon said, “This signals potential bearish trends and weakening buying pressure, with the daily chart and 50-day moving average indicating downward momentum. Falling below $68,000 may lead to tests of the $65,000 and $62,000 support levels.”

Ethereum, trading at approximately $3,906, is nearing the $4,000 mark and might surge to a new yearly high, ETH has climbed above $3,800 with strong volume, indicating solid buying interest. According to Menon, support levels are at the 50-day EMA ($3,225) and 100-day EMA ($3,170). Despite an RSI of 72 suggesting overbought conditions, the market sentiment remains bullish. He states that key levels to watch for ETH are $3,800 and $3,500.