Ahead of its monthly close, Bitcoin (BTC) has seen another unsuccessful attempt to reclaim the $72,000 resistance as a support level. Despite the drop, some analysts consider the cryptocurrency is still in a strong position for an upcoming breakout, setting the next levels to watch.<\/p>\n
Bitcoin, the largest cryptocurrency by market capitalization, recorded an impressive rally in \u2018Uptober,\u2019 surging around 13% in the last 30 days. BTC\u2019s price has jumped from the $58,900 monthly low to near its all-time high (ATH) price of $73,737, reaching the $73,300 mark on Wednesday.<\/p>\n
Following the green September close, the flagship crypto is set to have its best monthly close<\/a> since March, potentially registering around 13$ to 14% in monthly returns despite its most recent price action.<\/p>\n On its whitepaper\u2019s 16th birthday, Bitcoin recorded a spooky 2% drop, driving the rest of the market to a red Halloween party. BTC\u2019s price fell below the $71,000 mark, reaching an intraday low of $70,600. Meanwhile, the second largest cryptocurrency by market capitalization, Ethereum (ETH), pulled back around 5.1%, losing the $2,600 support zone.<\/p>\n Crypto analyst Ali Martinez pointed out<\/a> that today\u2019s drop is the fifth consecutive rejection BTC faces at $72,000. Since its ATH, Bitcoin has been rejected from this resistance level five times, dropping between 8.2% and 18% the four previous times.<\/p>\n Analyst Altcoin Sherpa suggested<\/a> that BTC could see a 4% to 5% dip if the largest cryptocurrency doesn\u2019t hold the $70,000 support zone. Nonetheless, Sherpa considers that the cryptocurrency should \u201csee some sort of bounce\u201d from the $70,800-$71,400 area in the short term.<\/p>\n BTC is expected to have an extremely volatile week ahead of the US presidential elections. Bitfinex analysts predicted<\/a> that Bitcoin volatility will peak between November 6 and November 8, as speculation and anticipation about the election outcome affect the cryptocurrency\u2019s performance.<\/p>\n Cryptoinsightuk weighed in on Bitcoin\u2019s performance, noting<\/a> that BTC is still at ATH by Open Interest (OI). The crypto investor considers that the Daily Relative Strength Index (RSI) could potentially \u201ccross bearish\u201d today.<\/p>\n He also highlighted that $69,600 should work as a key support level for Bitcoin bulls but warned that losing the $66,500 range could be \u201cmessy\u201d as BTC\u2019s open interest would \u201cflush.\u201d<\/p>\nIs Bitcoin Gearing Up For End-Of-Year Breakout?<\/h2>\n