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Bitcoin Finds Resistance at the $70,000 Level

Bitcoin’s price has encountered a significant hurdle, being rejected from the $70,000 level. This development could trigger a substantial correction, underscoring the importance of this price point. 

BTCUSD – Weekly Chart

BTCUSD – Weekly Chart 

BTC has found Resistance at the $70k level, and after the recent uptrend, there is potential for a swift correction. 

The recent dip happened after stock markets dropped during the US trading session with rising fears of a broader conflict in the Middle East, with US authorities warning that Iran could prepare to launch a significant attack on Israel. That came true on Sunday after Iran launched drone attacks on Israel on Sunday. 

A broader conflict and higher prices for oil and gold will mark the week ahead. 

Bitcoin is on the cusp of a significant event, the fourth mining reward halving. This pre-programmed 50% reduction in the pace of Bitcoin supply is now a mere eight days away. The anticipation of this event could already influence the current BTC price, potentially leading to a correction in the market. 

Before the pivotal event, Bitcoin’s forked coin, Bitcoin Cash, is also flashing a warning, with traders looking to reassess expectations for an immediate post-halving price rise. 

Bitcoin has been following risk assets higher, but there is potential for the price of risk assets to correct with the world descending further into war.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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