Bitcoin fell over 6.5% to around $69,200 on Nov. 1, following a recent peak of $73,600. The drop coincides with Trump’s narrowing lead over Kamala Harris in prediction markets like PredictIt, Polymarket, and Kalshi. With this sudden drop, the market is buzzing with thoughts of a further BTC drop towards $65K.
Bitcoin finds itself in a critical position as it hovers near $69,000, according to crypto analyst Credible Crypto, who recently cautioned his X followers about potential bearish signals. Credible Crypto, a notable figure in the trading community, warns that if Bitcoin fails to hold the $65,000 support level, the market could shift into a downward trend. This level is what he terms the “must-hold” zone for bulls, as a drop below could trigger a bearish movement, putting Bitcoin’s rally dreams on hold.
The Importance of $65,000 for Bullish Momentum
Looking at the market scenario the analyst suggests that a bounce from the $65,000-$69,000 range could propel Bitcoin towards a retest of the $74,000 mark. He remains cautiously optimistic but insists that holding this support range is essential for any continued upward momentum. Should Bitcoin manage to maintain this zone, it may have the potential to “swipe” the last set of untapped highs and rekindle its rally aspirations.
Weak Market Signals Despite $71,000 Breakout
The analyst also questions Bitcoin’s recent movement above $71,000, noting that it didn’t exhibit the characteristics of a strong upward trend. Credible Crypto explains that the rise was primarily driven by leveraged longs rather than solid buying, indicating a lack of sustained bullish pressure. True upward momentum, he argues, would require impulsive price action fueled by market buying rather than leveraged trades.
What’s Next for Bitcoin?
Currently trading around $69,708, Bitcoin’s future largely depends on its ability to hold the $65,000 support zone. For bulls, staying within this range is essential to keep the rally alive and prevent a possible bearish shift. This critical region could determine whether Bitcoin’s rally aspirations are sustained or if the market will experience a downtrend.
