- Summary:
- Bitcoin price seemingly got rejected around the $69k territory on Monday, and the buildup of the trading volume afterward is a warning sign.
Bitcoin price declined marginally on Monday, trading at $68,266 after going down by 1 percent on the daily chart. The crypto coin overcame a major psychological barrier at $65k last week, and the next key level is at the $70k mark. Bitcoin’s current momentum is partly driven by the rising prospect of a Donald Trump presidency and his inclination toward a greater integration of digital assets into the mainstream economy.
BTCUSD has risen by 8.5 percent in the last week, but the new week presents opportunities for increased volatility as financial markets resume business. Bitcoin price has been intertwined with the mainstream markets in 2024, with the ETF approvals and Fed interest rate decision making influencing its performance. However, the regulatory environment has recently come into focus with the Securities and Exchanges Commission (SEC) finding it difficult to justify some of its restrictions before US congressmen.
Bitcoin price touched a high of $69,487 earlier on Monday before declining by more than $1k to the current price. At its highest level, the crypto bellwhether was closer to the $70k mark than the price at the time of writing. Therefore, that signifies a potential buildup of rejection near the psychological round figure mark.
At the time of writing, Bitcoin’s trading volume was up by 105 percent as per data by CoinMarketCap. While that signals a potential uptick in volatility on Monday, it could also lead to a break below the $68k mark if the sellers extend their control.
Bitcoin price prediction
Bitcoin price will likely pivot at 68,337, and the downside will prevail if resistance stays at that level. In that case, the first support could come at 67,927. However, a stronger downward momentum could break below that level to invalidate the upside narrative and potentially test 67,609.
On the other hand, moving above 68,100 will signal bullish control. With the buyers in control, initial resistance will likely be at 68,754. However, if the upward momentum strengthens, it could enable a break above that level to test 69,120.
