- Bitcoin (BTC) Price Slips Back to $64,000 Level
- Ether, Altcoins Remain Under Pressure Following Volatile Weekend
- Bitcoin has also given up some of its early Monday bounce, returning down to the $64,000 level.
Bitcoin has also given up some of its early Monday bounce, returning down to the $64,000 level.
Current Bitcoin Price
Bitcoin is currently trading around $64,000 after reaching a 24-hour high above $66,000. The leading cryptocurrency briefly rallied above $68,000 last week but failed to sustain momentum.
Bitcoin remains in an uptrend but is struggling to break above the psychologically important $70,000 mark. Strong resistance is expected at that level.
Market Analysis
The overall cryptocurrency market has lost some ground after last week’s failed attempt to push higher. Ether has fallen back below $4,800, and most major altcoins are trading lower today.
After a period of low volatility, crypto market volatility has picked up again in recent days. Sharp rallies have been met with sharp pullbacks, indicating indecision in the market.
Bitcoin dominance remains just below 44% as interest in altcoins stays elevated. However, Bitcoin’s market cap dominance has held relatively steady around 43-45% throughout 2021, even as the overall crypto market cap has more than tripled.
Factors Influencing Price Action
A few factors could be contributing to Bitcoin’s struggle to gain upside momentum here:
- Cooling RSI levels on the daily chart after last week’s spike above 70
- Stiff overhead resistance around $70,000
- Macro market uncertainty regarding inflation and the potential for earlier-than-expected interest rate hikes
- Continued threat of further regulation of the crypto market
On the bullish side, strong on-chain metrics continue to support the uptrend. And crypto exchange balances have declined substantially from their early 2021 highs.
Looking Ahead
Bitcoin remains in a long-term uptrend but may see some consolidation around the $60,000 area in the coming weeks as it gears up for another push higher.
Key levels to watch are the recent all-time high around $69,000, the $70,000 round number resistance, and support around $53,000. A break above $70,000 could see acceleration towards $75,000-$80,000.
Conclusion
After its surge higher was cut short last week, Bitcoin is still struggling to gain upside momentum. Important resistance stands in the way around $70,000, a break above which could ignite the next leg in Bitcoin’s long-term bull market.
Some consolidation around current levels may be in store before Bitcoin mounts another rally towards its next target around $80,000. But the long-term uptrend remains intact, with strong on-chain and fundamental support.
