Greed

Token

bullish

Bitcoin

Resistance

<ul class="wp-block-list">
 <li>Bitcoin struggles to sustain gains, dropping below $70K.</li>
 <li>Whale activity sparks concern, but accumulation trends suggest potential bullish recovery.</li>
</ul>
Bitcoin (BTC) recently faced a sharp decline after touching impressive highs. On 30 October, BTC surged to $73,500, continuing its pattern of “Uptober” gains. However, it failed to sustain momentum, slipping below the crucial $70,000 level. As of now, Bitcoin is trading around $69,561, reflecting a slight 0.07% uptick in the past 24 hours, while trading volume has dropped by 0.65%, according to CoinMarketCap data.&nbsp;
Over the past week, Bitcoin recorded a 4% increase. Still, bearish sentiment crept back into the market following a significant 4% drop over the past 24 hours, likely influenced by whale activity. Whale Alerts reported a massive transfer of 8,000 BTC (valued at $567 million) from an unknown wallet to Coinbase. Typically, such movements can spark concerns about sell-offs, but on-chain analysis from Lookonchain suggested a different scenario. A whale appeared to buy the dip, acquiring 550 <a href="https://thenewscrypto.com/will-bitcoin-btc-present-a-prime-buying-opportunity-this-november/" rel="noopener noreferrer nofollow">BTC</a> worth $38.68 million.
Nevertheless, Bitcoin’s Relative Strength Index (RSI) showed a decline, reflecting weakened momentum.
Meanwhile, Institutional leaders remain highly bullish on Bitcoin. For example, Michael <a href="https://x.com/saylor" rel="noopener noreferrer nofollow">Saylor</a>, former CEO of <a href="https://thenewscrypto.com/microstrategys-leveraged-etf-hits-1b-amid-bitcoin-surge/" rel="noopener noreferrer nofollow">MicroStrategy</a>, commented recently that Bitcoin is succeeding faster than any monetary economic idea in the history of the world.
<h3 class="wp-block-heading" id="h-can-bitcoin-bulls-own-the-november">Can Bitcoin Bulls Own The November?</h3>
Technical indicators reveal mixed signals. The 9-day Moving Average (MA) remains above the 21-day MA, indicating bullish potential. Bitcoin’s support <a href="https://in.tradingview.com/symbols/BTCUSDT/" rel="noopener noreferrer nofollow">sits</a> near $68,590; holding this level could push BTC back toward the $73,000 mark. However, if it fails, a decline to $66,000 could be on the horizon. 
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfdW-artDILtfc5jXzPAINiv84IIq1HPrpre5JJdSbPVebRT9q01YoUc4RHi9OPIxH2uDHVuo72PL6DBrVWqnRWTu5GJmVVnRxyIVTNw9x3rB3EkEBwF8yGnxm57C9BE3m9sogfmy2k3gTB6TVlzFLPwLH_?key=CR8g6PRxD0LOd8bKvqoaiWWh" alt="">
 <figcaption class="wp-element-caption">
 Bitcoin Price Chart, Source: Sanbase
 </figcaption>
 </figure>
</div>
Moreover, market sentiment indicators like the Fear and Greed Index also flashed “extreme greed” on Thursday. Historically, this has hinted at market corrections, and recent liquidations of over $250 million in bullish futures further emphasize investor caution. With U.S. elections approaching and global economic uncertainties, BTC’s outlook remains volatile.
Bulls aim to break resistance at $71,500, while bears threaten further losses if Bitcoin falters. Traders should monitor volume trends and macroeconomic factors closely.
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Will Bitcoin Break Resistance or Slip Further?

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