Bitcoin Falls Below $70K Amid Profit-Booking, Ethereum’s Rally Pauses

Bitcoin drops below $70,000 due to profit-taking, short-term support at $68,000.

  • Bitcoin drops below $70,000 due to profit-taking, short-term support at $68,000.
  • Ethereum’s upward momentum pauses as it approaches $4,000 mark.
  • Market sentiment remains bullish despite potential bearish trends.

Bitcoin’s attempt to surpass the $70,000 resistance level was thwarted by significant profit-taking, leading to a drop below $70,000. According to Shivam Thakral, CEO of BuyUcoin, Bitcoin’s short-term support lies at $68,000, with the upcoming US economic data expected to influence investor sentiment and global financial markets.

Similarly, Ethereum’s upward trend came to a temporary halt as it experienced a nearly 2 percent drop, marking its first downward movement in two weeks. Despite nearing the $4,000 mark and showing strong volume, Ethereum faces resistance. Rajagopal Menon, VP of WazirX, highlights key support levels for Ethereum at the 50-day EMA ($3,225) and 100-day EMA ($3,170). Although Ethereum’s RSI suggests overbought conditions, market sentiment remains bullish.

While Bitcoin is currently consolidating around $68,500, failure to maintain the crucial $70,000 level could lead to further downside. Menon warns that breaking below $68,000 might test support levels at $65,000 and $62,000, indicating potential bearish trends and weakening buying pressure in the market. Despite these challenges, both Bitcoin and Ethereum continue to attract strong interest from investors.