<p>The post <a href="https://coinpedia.org/news/bitcoin-faces-rejection-at-70k-top-analyst-calls-for-key-support-at-66k/" rel="noopener noreferrer nofollow">Bitcoin Faces Rejection at $70K, Top Analyst Calls for Key Support at $66K</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin’s attempt to break the $70,000 resistance level was blocked by heavy profit-taking, causing a dip to $68,000. The cryptocurrency <a href="https://coinpedia.org/news/here-is-why-bitcoin-price-can-fall-ahead-says-top-analyst/" target="_blank" rel="noopener noreferrer nofollow">couldn’t hold the $70,000 level</a> due to significant selling pressure. Meanwhile, market analysts suggest that upcoming US economic data could play a crucial role in shaping investor sentiment and global financial trends.</p>
<h2 class="wp-block-heading" id="h-bitcoin-s-rejection-at-70k">Bitcoin’s Rejection at $70K</h2>
<p>Renowned crypto analyst Michaël van de Poppe <a href="https://x.com/CryptoMichNL/status/1795360609694838959" target="_blank" rel="noopener noreferrer nofollow">recently shared his insights</a> on Bitcoin’s (BTC) latest price movements. According to van de Poppe, Bitcoin faced rejection at the $70,000 mark, failing to break through this critical resistance level.</p>
<p>Despite attempts to push higher, Bitcoin was unable to sustain its momentum beyond $70,000. This rejection has highlighted the ongoing challenges for BTC in surpassing this key psychological barrier.</p>
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   <p lang="en" dir="ltr">No breakout happening for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> as $70K was rejected. <br><br>I'd like $66K to be holding up as support, and then everything is fine.<br><br>Honestly, quite boring market environment. <a href="https://t.co/CFFrJsVqrI" rel="noopener noreferrer nofollow">pic.twitter.com/CFFrJsVqrI</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1795360609694838959?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 28, 2024</a>
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<p>Van de Poppe highlights the importance of the $66,000 support level. He noted that as long as Bitcoin can hold this support, the market should remain stable. “I’d like $66K to be holding up as support, and then everything is fine,” van de Poppe stated.</p>
<p>The current market conditions have been described as quite monotonous by van de Poppe. With Bitcoin struggling to break higher and support levels being tested, the excitement in the market appears to be dull.</p>
<h2 class="wp-block-heading" id="h-is-a-71k-bitcoin-rally-imminent">Is a $71K Bitcoin Rally Imminent?</h2>
<p>Echoing a similar stance Renowned crypto analyst Capo of Crypto has identified $67,000 as the primary support zone for Bitcoin. He stated, “Demand is being added here, so this level should hold, and bullish continuation is expected.” However, if this support fails, the next level to watch is $65,000.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> – Current situation<br><br>Support zone: $67ks<br><br>Demand is being added here, so this level should hold and bullish continuation is expected (main scenario). If it doesn't, the next support would be 65k. <br><br>Regarding the Mt. Gox movements, they are sending the funds to a new wallet,… <a href="https://t.co/B8RRdrYnYh" rel="noopener noreferrer nofollow">pic.twitter.com/B8RRdrYnYh</a></p>— il Capo Of Crypto (@CryptoCapo_) <a href="https://twitter.com/CryptoCapo_/status/1795361764533539078?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 28, 2024</a>
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<p>Capo’s attached chart suggests that if the $67,000 support holds and Bitcoin breaks the $69,000 resistance, a potential surge to $71,000 could follow. Further analysts also addressed concerns about recent Bitcoin movements linked to the <a href="https://coinpedia.org/news/mt-gox-transfers-840m-in-btc-ahead-of-creditor-payout/" target="_blank" rel="noopener noreferrer nofollow">defunct exchange Mt. Gox</a>, which have caused some market unease.</p>
<p>As of now <a href="https://markets.coinpedia.org/bitcoin" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s price</a> dipped by 0.65%, settling at $68,032. In contrast, the 24-hour trading volume for BTC surged by 61.70%, reaching $30.30 billion. Despite the price drop, Bitcoin maintained a substantial market capitalization of $1.34 trillion.</p>
<p>Also Check Out : <a href="https://coinpedia.org/price-analysis/the-top-3-reasons-why-crypto-market-volatility-will-shoot-up-who-will-regain-dominance-bulls-or-bears/" rel="noopener noreferrer nofollow">The Top 3 Reasons Why Crypto Market Volatility Will Shoot Up: Who Will Regain Dominance—Bulls or Bears?</a></p>

Bitcoin Faces Rejection at $70K, Top Analyst Calls for Key Support at $66K

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