Bitcoin has once again failed to break the $70,000 resistance level, according to recent market data. The cryptocurrency is down 0.4% in the last 24 hours and has declined 11.2% since the start of April. Analysts point to a recent rejection at $69,000 and note the resistance level has shifted lower from previous highs near $73,000.
Bitcoin faced another rejection at $70,000, showing a 0.4% correction over 24 hours. According to CoinGecko’s BTC data, the asset has declined 2.2% over two weeks and 11.2% since the start of April.
The cryptocurrency previously faced resistance at around $72,000-$73,000. It now seems to be encountering a barrier at the $69,000-$70,000 price level.
Bitcoin reached an all-time high of $126,080 in October of last year. The formation of lower highs is considered a potentially bearish pattern signaling further price dips.
Market observers suggest Bitcoin is likely reacting to geopolitical uncertainty from the Middle East conflict. Mixed signals from former President Trump regarding U.S. policy toward Iran have added to the volatility.
“Trump previously said that the US may exit Iran in two or three weeks,” the report stated. “However, his latest stance is to push Iran into opening the Strait of Hormuz, which was previously open before the war.”
Furthermore, the average buying cost for many holders sits above the current price, suppressing demand. Macro uncertainties are pushing investors away from risky assets like cryptocurrencies.
Analysts indicate a breakout may require an improved economic outlook or a cooling of Middle East tensions. Both developments are seen as potentially taking longer than investors hope.
