Bitcoin (BTC) Price Touches $70K as 'Uptober' FOMO Fades, Geopolitical Risks Affect the Markets

The price of Bitcoin surged to $70,000 due to FOMO related to the ‘Uptober’ rally. However, recent technical chart breakdowns, the potential for U.S.

Bitcoin (BTC) price بالا رفت to $70,000 in September due to FOMO related to the ‘Uptober’ rally. However, recent technical chart breakdowns, the potential for U.S. Federal Reserve interest rate cuts, and Donald Trump’s re-election prospects have reduced the positive sentiment among buyers, which coincided with rising concerns.

Bitcoin price dropped sharply from the $70,000 resistance zone. BTC price quickly fell below the $68,000, $67,000, and $66,000 support levels. A low of $64,643 was recorded before buyers emerged.

The sharp decline in Bitcoin price coincided with a drop in the total cryptocurrency market capitalization. From a high of $3.10 trillion, the crypto market cap rapidly fell to $2.87 trillion. A substantial portion of the decline was attributed to the drop in Bitcoin’s market dominance, which fell from 44.3% to 41.3%.

Bitcoin price now trades at a crucial support level. If traders fail to defend this level, BTC price could fall below $64,000. On the upside, Bitcoin price faces immediate resistance at $68,000. Breaking above this level could lead BTC price to rise towards $70,000.

Geopolitical risks continue to affect the markets. The U.S. government has expressed support for ending the conflict ahead of the elections. Secretary of State Antony Blinken encouraged Israeli Prime Minister Benjamin Netanyahu to consider plans for ceasefire negotiations.

The value of Tether (USDT), the largest stablecoin by market capitalization, has fallen slightly in recent days. According to CoinGecko, USDT was trading at $0.999 on Monday morning, down from $1.000 on Friday.

The decline in Tether’s value comes amid a broader sell-off in the cryptocurrency market. Bitcoin (BTC), the world’s largest cryptocurrency by market cap, fell more than 3% on Monday, trading at $67,034.

The sell-off in the crypto market is likely due to several factors, including the potential for U.S. Federal Reserve interest rate cuts and Donald Trump’s re-election prospects. Rising concerns over these developments have impacted buyer sentiment.

Despite the recent decline, Bitcoin price is still up more than 600% year-to-date. The cryptocurrency reached an all-time high of $70,000 in November.

Bitcoin’s chance of reaching $100,000 by December is now less than 10%, according to Deribit options data.

Prices of the world’s largest cryptocurrency have fallen sharply from the $70,000 resistance zone it encountered in November. BTC price quickly dropped below the $68,000, $67,000, and $66,000 support levels.

A low of $64,643 was recorded before buyers pushed BTC price back above the $64,000 zone. The sharp decline in Bitcoin price was observed as the total cryptocurrency market capitalization dropped from a high of $3.10 trillion to $2.87 trillion.

A large portion of the decline was attributed to the drop in Bitcoin’s market dominance, which fell from 44.3% to 41.3%. Bitcoin price is now trading at a crucial support level.

If traders fail to defend this level, BTC price could fall below $64,000. On the upside, Bitcoin price faces immediate resistance at $68,000. Breaking above this level could lead BTC price to rise towards $70,000.

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