BTC Buyers Hesitate As Bitcoin Price Approaches $70K

The Bitcoin price broke above the descending channel as the buying momentum continued, but BTC buyers continue to hesitate every time BTC gets close to $70k. Today the price climbed to $67,700s but has reversed back down to $66K now and has formed a doji candlestick, which indicates a bearish reversal after the climb, however, the day is not over yet.

Bitcoin Marches Higher While S&P 500 Sees Pullback

Bitcoin’s price has dropped back to its opening levels, echoing the S&P 500’s retreat following a recent record high. This current peak marks Bitcoin’s highest level since late July, breaking through the highs of both August and September. This rise suggests renewed optimism around cryptocurrencies and an increased appetite for risk among investors.

Bitcoin Chart Daily – Technical Analysis Points to Potential BTC Resistance

Technically, Bitcoin’s chart is becoming more intriguing as it breaks past a series of lower highs, showing solid momentum with minimal resistance up to the $70,000 threshold after the break of the upper line of the channel. However, the stochastic indicator is now overbought, which has previously signaled bearish reversals, suggesting caution may be warranted. We will see if the top of the channel which was acting as resistance will now turn into support, which would be a strong bullish sign if it does.

Political Developments Add to Crypto Market Optimism

With the US presidential election approaching, Republican polling tends to support digital assets and can influence crypto inflows and price gains. Recently, Democratic candidate Kamala Harris made waves by proposing that her “Opportunity Economy” plan incorporate pro-crypto measures. This move marks a significant shift from her earlier perceived position and adds another potential positive for Bitcoin and other digital currencies.

Looking Ahead: $70,000 Bitcoin Target in Focus

While some speculate on the start of a long-term bull run, Bitcoin still faces the challenge of surpassing $70,000 to signal a stronger upward trend. If buyers succeed here, the next key milestone will be the $73,000 peak reached in May. Otherwise, a fallback into the previous trading channel is likely, indicating continued volatility ahead.

Bitcoin Live Chart