- Summary:
- Bitcoin price is so close yet so far from the $70k mark. The momentum is there, but it might not be strong enough to sustain gains past $68k.
Bitcoin price returned to the upside on Friday, regaining its footing after a slight decline on Wednesday. BTC was up by 0.6 percent at the time of writing, having receded from a high of $68,355 to trade at $67,875. That underlines the establishment of resistance at the $68k mark, as the crypto bellwether has hovered near that level for the last three days and faced rejection each time.
The Trump factor
BTCUSD has been on a hot streak in the last week, and has gained 12 percent during that period. The prospect of a Donald Trump presidency has provided propulsion fuel for crypto assets, and that sentiment could help Bitcoin break into the $70k mark. Recent polls have shown that Trump, a known supporter of digital assets, is in the lead in the race to the White House.
Regulatory restrictions have been a clog in the adoption of cryptocurrencies in the United States, epitomised by the Securities and Exchange Commission’s (SEC) long-running legal battle against XRP issuer, Ripple Labs. Trump first released his NFTs back in December 2022 and more recently in August 2024, and one of his most popular supporters, Elon Musk, is a longtime crypto enthusiast. It is believed that a Trump win could open up the regulatory space and give cryptocurrencies more room to thrive.
The underlying threat
Bitcoin’s last rise to the $68k territitory back in late July was followed by a momentary spike to the $70k mark. However, a sharp declined followed thereafter, and BTC price went on to hit lows of 49k within a week. Therefore, a stronger upside momentum and a bullish sentiment is needed to sail past the risk lying in wait around $68k.
Bitcoin price prediction
The bulls are in control of the Bitcoin price, and the upside will prevail if the action stays above 67,710. With that, initial resistance could come at 68,310 However, a stronger upward momentum could break above that level to test 69,017.
Alternatively, the sellers will take control if the price breaks below 67,710. If that happens, the BTCUSD pair could move lower to find the first support at 67,110. However, an extended bearishness could break below that mark, invalidating the upside narrative and potentially extending the decline to test 66,540.
