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Bitcoin pulls back to $70,000 after failing to break key resistance
Bitcoin’s price fell by about 0.9% over the past 24 hours to around $70,300. The correction came after the largest cryptocurrency briefly climbed above $73,000 earlier this week but failed to hold those levels.
Highlights
- Bitcoin slipped about 0.9% to around $70,300 after failing to hold gains above $73,000.
- The $73,000–$75,000 range remains a key resistance zone where selling pressure has intensified.
- Analysts say the recent rise may be a recovery move rather than the start of a new bull cycle.
After the short-lived rally, selling pressure intensified in the market. Traders began taking profits, which quickly cooled the upward momentum and pushed the price back toward the $70,000 range.
Bitcoin faces key resistance zone
The $73,000–$75,000 range remains one of the main resistance zones for Bitcoin. A significant number of sell orders are concentrated in this area, meaning attempts to extend the rally continue to face pressure from sellers.
BTC price dynamics. Source: TradingView
An analytical report by CryptoQuant notes that the current market dynamics do not yet point to the formation of a new bull cycle. According to the company, the recent price increase may represent a recovery move following the previous decline rather than the start of a sustained upward trend.
Some analysts are also drawing parallels with the market dynamics of 2022, when a geopolitical crisis coincided with a sharp drop in risk assets. However, macro analyst Alex Kruger believes such comparisons are overly simplistic.
“Markets are panicking. Everyone sees 2022 again. The chart setups look almost identical and the energy shock is real,” he wrote. “But the comparison falls apart under scrutiny. The macro is different, and the oil disruption is transitory.”
Macroeconomics again influencing the crypto market
Kruger points to differences in the broader economic environment. In 2022, inflation in the United States reached 7.9%, while real interest rates remained deeply negative at around minus 7.5%. This added pressure on risk assets, including cryptocurrencies.
Today the situation looks different: inflation is gradually slowing, and real interest rates are estimated at around +1.2%. At the same time, the Federal Reserve has adopted a wait-and-see stance and is not rushing to adjust its monetary policy.
In such conditions, geopolitical developments may trigger short-term sell-offs, yet historically similar periods have often been followed by market recoveries. For crypto investors, the key range remains $70,000–$75,000, where it will become clear whether Bitcoin can resume its upward move or shift into a longer consolidation phase.
Read also: Inflows into U.S. spot Bitcoin ETFs top $460M as market recovers
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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