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<p>The crypto world is having a rough patch right now. The whole market is down, dropping to around $2.36 trillion. People aren’t trading as much either; trading is down about 7% from yesterday.</p> 
<p><a href="https://captainaltcoin.com/bitcoin-btc-price-could-hit-a-new-ath-soon-but-will-it-dip-before-surging-expert-analysis/" target="_blank">Bitcoin</a> has been on quite a ride lately; it shot up to $73,544 over three days, which got everyone excited. But then it slipped back down to around $70,614.&nbsp;</p> 
<p>One of the main reasons for the dump today is the fact that the US stock market is plunging. In fact, over $950 billion was wiped out on October 31st.</p> 
<p>Popular analyst Crypto Yapper shared his thoughts on what’s happening and where he thinks Bitcoin’s price might go next.</p>  
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<p>Bitcoin has been doing pretty well. It finally broke through that stubborn $69,000 mark that had been holding it back for a while. <a href="https://captainaltcoin.com/elite-analyst-predicts-bitcoin-btc-price-breakout-could-spark-major-rally/" target="_blank">Bitcoin’s price</a> was mostly climbing up in October, even with all the little dips along the way.</p> 
<p>However, following the peak near $73,000, BTC has begun to retrace, moving back toward previously breached resistance levels. This corrective phase is typical after a strong rally, as investors look to take profits and the market finds a new support level to confirm the ongoing trend.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> Retracement !<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a> is dropping to previous resistance levels, to test them as support<br><br>The resistance at $69,000 was broken, but not retested yet<br><br>If <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#BTC</a> can come back to this level, we can see a Higher Low forming<br><br>I am placing my limit orders at this level to buy… <a href="https://t.co/gbaOV89IQz" target="_blank" rel="nofollow">pic.twitter.com/gbaOV89IQz</a></p>— Crypto Yapper (@CryptoYapper) <a href="https://twitter.com/CryptoYapper/status/1852019953207042272?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 31, 2024</a>
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<h2 class="wp-block-heading" id="key-support-and-resistance-levels">Key Support and Resistance Levels</h2> 
<p>Crypto Yapper highlights key levels that traders are monitoring. The immediate resistance level stands at $73,044, where BTC faced selling pressure after its recent high. If Bitcoin’s price fails to clear this level in future rallies, it may continue to consolidate or retrace.&nbsp;</p> 
<p>On the downside, $69,000 has emerged as a vital support level. According to Crypto Yapper, this former resistance is now anticipated to act as a support zone, with the potential to form a “Higher Low” if BTC can successfully hold above this level.&nbsp;</p> 
<p>Additionally, if<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank"> BTC’s price</a> fails to maintain support at $69,000, another significant level is identified at $65,400, which could act as a deeper cushion for the price.</p> 
<p>Crypto Yapper suggests a strategy to place limit buy orders at $69,000, reflecting a belief in the support strength of this level. This approach aligns with the technical perspective that a retest of $69,000 could confirm a new support zone, potentially setting BTC up for a rebound.&nbsp;</p> 
<p>The concept of a “Higher Low” forming at this level is crucial for traders watching Bitcoin’s trend, as it would affirm continued bullish control. If BTC bounces from $69,000, it could trigger additional buying interest, reinforcing the positive market sentiment.</p> 
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/how-much-will-30-solana-sol-tokens-be-worth-at-the-peak-of-the-bull-run/" target="_blank">How Much Will 30 Solana (SOL) Tokens be Worth At the Peak of the Bull Run?</a></em></strong></p> 
<p><em><strong>Follow us on <a href="https://x.com/CaptainAltcoin_" target="_blank" rel="nofollow">X (Twitter)</a>, <a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank">CoinMarketCap </a>and <a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank">Binance Square</a> for more daily crypto updates.<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="nofollow">FREE Telegram group.</a></strong></em></p> 
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-bitcoin-price-nears-70k/">Why Is the Crypto Market Down Today? Bitcoin Price Nears $70k</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why Is the Crypto Market Down Today? Bitcoin Price Nears $70k

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