Blockchair's logo
What’s Holding Bitcoin Back? Analyst Says $71,000 Is The Magic Number Newsbtc 3 weeks ago

What’s Holding Bitcoin Back? Analyst Says $71,000 Is The Magic Number 📉

Veteran trader Peter Brandt states that Bitcoin's recent rally isn't sufficient to reverse the long-term bearish trend. To achieve a bullish shift, Bitcoin must break the $71,000 mark. Despite temporary surges, the cryptocurrency hasn't reached levels to confirm a reversal, making $71,000 the key threshold.

Other analysts like Jesse Colombo warn that geopolitical tensions and market patterns could further impact Bitcoin's performance. Despite ongoing concerns, QCP Capital notes cautious optimism, suggesting a potential recovery as recent sell-offs seem shallow. Michal van de Poppe anticipates a short-term pullback before a rebound.

Resistance levels around $70,600 and $73,800, including Bitcoin's all-time high, have consistently capped its upward movement. Brandt believes Bitcoin will remain in its consolidation phase unless it breaks $71,000. This failure continues a 7-month trend of lower highs and lows, confirming a bearish sentiment.

Bitcoin's 8-week SMA functions as a resistance, coinciding with market indecision around buying or selling. With the Average True Range indicating limited volatility, large market movements are possible, yet not guaranteed. Analysts watch these indicators as potential signals for Bitcoin's next direction.

Geopolitical tensions, especially in the Middle East, have pressured the cryptocurrency market, underscoring Bitcoin's vulnerability compared to precious metals. Analyst Jesse Colombo argues that global concerns drive Bitcoin and crypto downturns, aligning with its historical behavior during such periods.

QCP Capital's optimism counters bearish outlooks, highlighting potential investor interest in riskier assets like Bitcoin. Michal van de Poppe anticipates a retest of the $60,000 level, suggesting a market turnaround if this support holds, providing a perspective of possible recovery.

Source: www.newsbtc.com ↗

Similar articles (90)

 Bitcoin to 'break loose' at $70K as Uptober flips green Cointelegraph 1 week ago
Bitcoin to 'break loose' at $70K as Uptober flips green
 Bitcoin to 'break loose' at $70K as 'Uptober' flips green Cointelegraph 1 week ago
Bitcoin to 'break loose' at $70K as 'Uptober' flips green
Bitcoin Price Analysis: Short-Term Investors Set to Drive BTC Toward $75,000 Cryptonews 1 week ago
Bitcoin Price Analysis: Short-Term Investors Set to Drive BTC Toward $75,000
Bitcoin Price Forecast: Will Michigan Consumer Sentiment Data Fuel a Rally to $100,000 BTC? Cryptonews 2 weeks ago
Bitcoin Price Forecast: Will Michigan Consumer Sentiment Data Fuel a Rally to $100,000 BTC?
Bitcoin Price Analysis: Market Experts Anticipate $70K Breakout for BTC Soon Cryptonews 1 week ago
Bitcoin Price Analysis: Market Experts Anticipate $70K Breakout for BTC Soon
Bitcoin Set to Rise Beyond $70,000 in 'Coming Weeks,' Experts Say Decrypt 1 week ago
Bitcoin Set to Rise Beyond $70,000 in 'Coming Weeks,' Experts Say
Bitcoin Price Forecast: Analyst Warns BTC Amid Major Breakout as Resistance Weakens  Cryptonews 6 days ago
Bitcoin Price Forecast: Analyst Warns BTC Amid Major Breakout as Resistance Weakens 
Bitcoin Demand Surges in Bullish Catalyst That May Drive BTC Price to $70K Coindesk 1 week ago
Bitcoin Demand Surges in Bullish Catalyst That May Drive BTC Price to $70K
Bitcoin Price Forecast: Trader Van de Poppe Predicts Major BTC Rally Through December — Will $90K Be Next? Cryptonews 2 weeks ago
Bitcoin Price Forecast: Trader Van de Poppe Predicts Major BTC Rally Through December — Will $90K Be Next?
This Chart Indicates Bitcoin May Be Headed For Record Highs Above $73K Coindesk 1 week ago
This Chart Indicates Bitcoin May Be Headed For Record Highs Above $73K
 Bitcoin rally to $64.4K proves bullish chart pattern is ‘locked in’ — Analyst Cointelegraph 2 weeks ago
Bitcoin rally to $64.4K proves bullish chart pattern is ‘locked in’ — Analyst
Bitcoin Finally Breaks Above Falling Wedge Pattern—Here’s The Next Target Newsbtc 1 week ago
Bitcoin Finally Breaks Above Falling Wedge Pattern—Here’s The Next Target
Is Bitcoin Price Primed For New Record High? Analyst Provides Update On $78,000 Prediction Newsbtc 2 weeks ago
Is Bitcoin Price Primed For New Record High? Analyst Provides Update On $78,000 Prediction
Here’s Where We Are In The Bitcoin Bull Cycle According To The Wall Street Cheat Sheet Newsbtc 2 weeks ago
Here’s Where We Are In The Bitcoin Bull Cycle According To The Wall Street Cheat Sheet
Bitcoin Rally May Be in the Cards Following $64K Breach, According to Analysts Coinpaper 1 week ago
Bitcoin Rally May Be in the Cards Following $64K Breach, According to Analysts
Bitcoin Price Forecast: This Week’s Trends And Historical Patterns For Q4 Newsbtc 2 weeks ago
Bitcoin Price Forecast: This Week’s Trends And Historical Patterns For Q4
Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align Newsbtc 1 week ago
Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align
Analyst Points To Key Bitcoin Metric Indicating A Strong Uptrend—$90K in Sight? Newsbtc 1 week ago
Analyst Points To Key Bitcoin Metric Indicating A Strong Uptrend—$90K in Sight?
Would Bitcoin Reclaim $70,000 Soon? Key Data Suggests New Investors Hold the Key Newsbtc 2 days ago
Would Bitcoin Reclaim $70,000 Soon? Key Data Suggests New Investors Hold the Key
Bitcoin Breaking Out Of 7-Month Accumulation Channel: Expert Predicts Further Upside Newsbtc 1 week ago
Bitcoin Breaking Out Of 7-Month Accumulation Channel: Expert Predicts Further Upside
Crypto Analyst Says Bitcoin Price Can Port To $86,600 If It Breaks This Level Newsbtc 1 week ago
Crypto Analyst Says Bitcoin Price Can Port To $86,600 If It Breaks This Level
Bitcoin (BTC) positive weekly close - up from here? Crypto Daily 6 days ago
Bitcoin (BTC) positive weekly close - up from here?
Market Analyst Charts The Bitcoin Journey To $70,000: Weekly Price Action Insights Newsbtc 5 days ago
Market Analyst Charts The Bitcoin Journey To $70,000: Weekly Price Action Insights
Bitcoin Bullish Outlook Confirmed By Critical Data – STH Overheating? Newsbtc 1 day ago
Bitcoin Bullish Outlook Confirmed By Critical Data – STH Overheating?
Bitcoin Stochastic Breakout Puts BTC Price Above $500,000, Here’s When Newsbtc 1 week ago
Bitcoin Stochastic Breakout Puts BTC Price Above $500,000, Here’s When
Bitcoin’s Quarterly Performance Hints At Possible Correction—Here’s What You Should Know Newsbtc 4 days ago
Bitcoin’s Quarterly Performance Hints At Possible Correction—Here’s What You Should Know
Bitcoin’s Road To $70,000? Analysts Set Next Targets As BTC Retests Key Levels Newsbtc 1 week ago
Bitcoin’s Road To $70,000? Analysts Set Next Targets As BTC Retests Key Levels
Bitcoin To $90,000 In 2 Months If It Mirrors This Trend? Bitcoinist 3 weeks ago
Bitcoin To $90,000 In 2 Months If It Mirrors This Trend?
Bitcoin Price Prediction: Bullish Breakout Confirmed, Next Target $72000 Coinpedia 6 days ago
Bitcoin Price Prediction: Bullish Breakout Confirmed, Next Target $72000
Bitcoin Set to Hit $90,000 in the Coming Weeks: Will Altcoins Follow? Coinpedia 1 week ago
Bitcoin Set to Hit $90,000 in the Coming Weeks: Will Altcoins Follow?
Is Bitcoin (BTC) Primed for a Massive Leap? Technical Signs Say Yes Blockonomi 1 week ago
Is Bitcoin (BTC) Primed for a Massive Leap? Technical Signs Say Yes
Bitcoin Price: Will Weekend Rally Propel BTC to $70,000 Next? Coingape 1 week ago
Bitcoin Price: Will Weekend Rally Propel BTC to $70,000 Next?
Will Bitcoin Price Hit $75K in the Next 10 Days of October? Coingape 1 week ago
Will Bitcoin Price Hit $75K in the Next 10 Days of October?
Bitcoin: 2 factors that can propel BTC beyond $67K Ambcrypto 1 week ago
Bitcoin: 2 factors that can propel BTC beyond $67K
Bitcoin Price Prediction: Crash Over, Rally Ahead; Next Stop $68,000 Coinpedia 3 weeks ago
Bitcoin Price Prediction: Crash Over, Rally Ahead; Next Stop $68,000
Could Bitcoin Hit $70,000 Soon? Bitcoinhaber 3 weeks ago
Could Bitcoin Hit $70,000 Soon?
Bitcoin’s Path to $67,000 Looks Clearer Than Ever Beincrypto 1 week ago
Bitcoin’s Path to $67,000 Looks Clearer Than Ever
Will Bitcoin Reach New Heights Soon? Bitcoinhaber 3 weeks ago
Will Bitcoin Reach New Heights Soon?
Bitcoin Price Prediction: $68K Target in Sight After Extended Pause, Here’s What’s Next Coinpedia 3 weeks ago
Bitcoin Price Prediction: $68K Target in Sight After Extended Pause, Here’s What’s Next
BTC Price Will Hit $65,000 This Week—Is the Bitcoin Bull Market Still On?  Coinpedia 2 weeks ago
BTC Price Will Hit $65,000 This Week—Is the Bitcoin Bull Market Still On? 
Will Bitcoin Continue Its Upward Trend? Bitcoinhaber 1 week ago
Will Bitcoin Continue Its Upward Trend?
Analysts Monitor Bitcoin’s Breakout Above $66,000 for Bull Run Confirmation Coin Edition 1 week ago
Analysts Monitor Bitcoin’s Breakout Above $66,000 for Bull Run Confirmation
Bitcoin Price Prediction: Bullish Trend Returns, Next Stop $77k Coinpedia 1 day ago
Bitcoin Price Prediction: Bullish Trend Returns, Next Stop $77k
Bitcoin Breaks Long Channel Pattern, Eyes on $72,000 Coinpedia 1 week ago
Bitcoin Breaks Long Channel Pattern, Eyes on $72,000
Bitcoin To Rally Towards $72,000 Soon! Coinpedia 3 weeks ago
Bitcoin To Rally Towards $72,000 Soon!
Bitcoin Price Prediction: Bulls Gear Up for ‘Mega Bounce’ as Bears Eye $50,000 Retest Coinpedia 3 weeks ago
Bitcoin Price Prediction: Bulls Gear Up for ‘Mega Bounce’ as Bears Eye $50,000 Retest
Bitcoin Price Analysis: Can BTC Maintain Its Surge Above $68,000? Coinpedia 1 week ago
Bitcoin Price Analysis: Can BTC Maintain Its Surge Above $68,000?
Bitcoin Price Prediction: Can Bulls Cross $68K While Avoiding a Retreat to $66K? Coinpedia 1 week ago
Bitcoin Price Prediction: Can Bulls Cross $68K While Avoiding a Retreat to $66K?
Bitcoin Price Prediction: What’s Next for BTC Price as Bearish Flags Flutter Over Rally—Will it Reach $68,000?  Coinpedia 2 weeks ago
Bitcoin Price Prediction: What’s Next for BTC Price as Bearish Flags Flutter Over Rally—Will it Reach $68,000? 
Bitcoin (BTC) Set to Ensure 100% Holder Profitability as Price Eyes $78,000 Beincrypto 1 week ago
Bitcoin (BTC) Set to Ensure 100% Holder Profitability as Price Eyes $78,000
Bitcoin Price Surge: Will BTC Break $67,400 Resistance to Reach $86,600? Coinpedia 1 week ago
Bitcoin Price Surge: Will BTC Break $67,400 Resistance to Reach $86,600?
Top Reasons Why You Should be Bullish on Bitcoin While the Bears Are Based at $63,000 Coinpedia 2 weeks ago
Top Reasons Why You Should be Bullish on Bitcoin While the Bears Are Based at $63,000
Bitcoin: The psychology behind BTC’s boom, and why $73K is calling Ambcrypto 1 week ago
Bitcoin: The psychology behind BTC’s boom, and why $73K is calling
Is Bitcoin Poised to Break $64K? Analysts Eye Next Big Rally After 4% Surge! Coinpedia 2 weeks ago
Is Bitcoin Poised to Break $64K? Analysts Eye Next Big Rally After 4% Surge!
Bitcoin Is On The Threshold Of The Critical Level Of $70,000! Will There Be A Breakout? Here Are Analysts' Views Bitcoinsistemi 6 days ago
Bitcoin Is On The Threshold Of The Critical Level Of $70,000! Will There Be A Breakout? Here Are Analysts' Views
Bitcoin Price Prediction: Double Bottom Pattern Hints at Breakout Above $67000 Coinpedia 2 weeks ago
Bitcoin Price Prediction: Double Bottom Pattern Hints at Breakout Above $67000
Bitcoin (BTC) Approaching $70,000! Will the Rise Continue? Analyst Evaluates! Bitcoinsistemi 1 week ago
Bitcoin (BTC) Approaching $70,000! Will the Rise Continue? Analyst Evaluates!
Bitcoin could hit $71K soon, but THESE key conditions need to align Ambcrypto 6 days ago
Bitcoin could hit $71K soon, but THESE key conditions need to align
Bitcoin Testing Crucial Levels: Can the BTC Price Hit $75,000 This Month? Coinpedia 1 week ago
Bitcoin Testing Crucial Levels: Can the BTC Price Hit $75,000 This Month?
Bitcoin Hits Two-Week High: Top Analyst Says $90K Surge Could Be Just Weeks Away Coinpedia 1 week ago
Bitcoin Hits Two-Week High: Top Analyst Says $90K Surge Could Be Just Weeks Away
Bitcoin Price Prediction: Aggressive Rally on Cards, $66K Next Target Coinpedia 1 week ago
Bitcoin Price Prediction: Aggressive Rally on Cards, $66K Next Target
Crypto week ahead: Is $70K next for BTC? Fed rates, US elections tell you… Ambcrypto 5 days ago
Crypto week ahead: Is $70K next for BTC? Fed rates, US elections tell you…
Bitcoin All-Time High Incoming? Van de Poppe Predicts Key Entry at $65K Coinpedia 5 days ago
Bitcoin All-Time High Incoming? Van de Poppe Predicts Key Entry at $65K
If Bitcoin Price Repeats Gold’s Bullish Pattern, BTC Could Hit $230K Coingape 5 days ago
If Bitcoin Price Repeats Gold’s Bullish Pattern, BTC Could Hit $230K
Bitcoin Rainbow Chart gives $288k target for BTC – Large gains ahead? Ambcrypto 4 days ago
Bitcoin Rainbow Chart gives $288k target for BTC – Large gains ahead?
Market Volatility May Intensify in Next 48 Hours-Here’s What to Expect from the Bitcoin Price Rally This Weekend Coinpedia 4 days ago
Market Volatility May Intensify in Next 48 Hours-Here’s What to Expect from the Bitcoin Price Rally This Weekend
Bitcoin Price Prediction: Road Clear for Massive Rally, Next Target Above $70K Coinpedia 1 week ago
Bitcoin Price Prediction: Road Clear for Massive Rally, Next Target Above $70K
Market Insights Reveal Bitcoin’s Path Towards $79,000 Cointurk 3 days ago
Market Insights Reveal Bitcoin’s Path Towards $79,000
Justin Bennett Predicts Bitcoin Could Surge to $70,000 Cointurk 3 weeks ago
Justin Bennett Predicts Bitcoin Could Surge to $70,000
Experts Provide Insights on Current Bitcoin Trends Cointurk 3 weeks ago
Experts Provide Insights on Current Bitcoin Trends
Could Bitcoin (BTC) Be Poised for a Potential Surge Towards $200K Amid Market Dynamics? Coinotag 6 days ago
Could Bitcoin (BTC) Be Poised for a Potential Surge Towards $200K Amid Market Dynamics?
Could Bitcoin (BTC) Be Setting Up for a Potential Surge Towards $72,000 After Recent Breakout? Coinotag 1 week ago
Could Bitcoin (BTC) Be Setting Up for a Potential Surge Towards $72,000 After Recent Breakout?
Could Bitcoin’s Consolidation Between $60K and $70K Signal a Potential Breakout Past $80K? Coinotag 2 weeks ago
Could Bitcoin’s Consolidation Between $60K and $70K Signal a Potential Breakout Past $80K?
Bitcoin Price Set to Navigate Election Uncertainty, Could Approach $68,000 Threshold Coinotag 2 weeks ago
Bitcoin Price Set to Navigate Election Uncertainty, Could Approach $68,000 Threshold
Could Bitcoin Approach $66,000 as Optimism in the U.S. Economy Grows? Coinotag 2 weeks ago
Could Bitcoin Approach $66,000 as Optimism in the U.S. Economy Grows?
Bitcoin’s Strong Momentum: Expert Predicts $70,000 Reach Amid Positive Market Developments Coinotag 1 week ago
Bitcoin’s Strong Momentum: Expert Predicts $70,000 Reach Amid Positive Market Developments
Could Bitcoin Tentatively Approach $70,000 Amid Political Support and Market Momentum? Coinotag 1 week ago
Could Bitcoin Tentatively Approach $70,000 Amid Political Support and Market Momentum?
Could Bitcoin (BTC) Surge to $67,500? Examining Recent Market Movements and BlackRock’s Strategic Shifts Coinotag 2 weeks ago
Could Bitcoin (BTC) Surge to $67,500? Examining Recent Market Movements and BlackRock’s Strategic Shifts
Could Bitcoin (BTC) Break Through $70,000 Amid Apple’s $100 Billion Investment Possibilities? Coinotag 1 week ago
Could Bitcoin (BTC) Break Through $70,000 Amid Apple’s $100 Billion Investment Possibilities?
Bitcoin Aims for $69,000 Breakout: What October’s Bullish Trends Mean for Investors Coinotag 2 weeks ago
Bitcoin Aims for $69,000 Breakout: What October’s Bullish Trends Mean for Investors
Bitcoin Eyes $70,000: Potential Breakout Amidst Election Influences and Market Sentiment Coinotag 6 days ago
Bitcoin Eyes $70,000: Potential Breakout Amidst Election Influences and Market Sentiment
Exploring Potential Paths for Bitcoin (BTC) Prices: Will Bears Hold Back the Rally or Could a Rebound Lead to New Heights? Coinotag 5 days ago
Exploring Potential Paths for Bitcoin (BTC) Prices: Will Bears Hold Back the Rally or Could a Rebound Lead to New Heights?
Exploring Possibilities: Could Bitcoin’s Recent Strength Hint at a Rally Beyond $66,000? Coinotag 2 weeks ago
Exploring Possibilities: Could Bitcoin’s Recent Strength Hint at a Rally Beyond $66,000?
Could Bitcoin Approach $90K? Analyzing Recent Price Movements and Market Indicators Coinotag 1 week ago
Could Bitcoin Approach $90K? Analyzing Recent Price Movements and Market Indicators
Bitcoin Price Above $80,000 Could Indicate Start of Altseason, Analysts Suggest Coinotag 3 days ago
Bitcoin Price Above $80,000 Could Indicate Start of Altseason, Analysts Suggest
Could Bitcoin Approach $70,000 Amid Growing Risk-On Sentiment and Institutional Demand? Coinotag 6 days ago
Could Bitcoin Approach $70,000 Amid Growing Risk-On Sentiment and Institutional Demand?
Could Samara AG’s €30 Million Investment in Bitcoin Signal a Potential Rise Above $70,000? Coinotag 1 week ago
Could Samara AG’s €30 Million Investment in Bitcoin Signal a Potential Rise Above $70,000?
Is Bitcoin on the Verge of Reaching $67,000? Exploring the Bullish Momentum and Potential Price Fluctuations Coinotag 1 week ago
Is Bitcoin on the Verge of Reaching $67,000? Exploring the Bullish Momentum and Potential Price Fluctuations
Could Bitcoin (BTC) Be Poised for a Recovery? Exploring Potential Pathways to $70,000 and Beyond Coinotag 1 week ago
Could Bitcoin (BTC) Be Poised for a Recovery? Exploring Potential Pathways to $70,000 and Beyond
Exploring the Possibilities: Can Bitcoin Approach $68,000 Again Without Facing a Pullback? Coinotag 1 week ago
Exploring the Possibilities: Can Bitcoin Approach $68,000 Again Without Facing a Pullback?