Bitcoin Retests $73K All-Time High Before Major Market Correction

Market movers and potential breakout coins amid heightened volatility

  • The global crypto market cap reached a **three-month high** of $2.5 trillion before settling at $2.38 trillion
  • **Bitcoin (BTC)** retested its March 2024 all-time high above $73,000 before experiencing a correction
  • **EigenLayer (EIGEN)** dropped 17% despite broader market gains, struggling below the $4 mark
  • **Kaspa (KAS)** closed with a 4.4% decline, facing resistance at the $0.2592 pivot level
  • Market volatility increases ahead of upcoming US presidential election

Crypto Market Analysis: BTC Tests New Heights Amid Mixed Asset Performance

The cryptocurrency market demonstrated significant volatility last week, with the total market capitalization climbing from $2.33 trillion to $2.5 trillion before settling at $2.38 trillion by week’s end.

- Advertisement -

Bitcoin’s Push Toward All-Time Highs

Bitcoin maintained its bullish momentum that began on October 26, marking three consecutive days of gains by Monday. The leading cryptocurrency pushed beyond $71,000 and briefly touched $73,000, attempting to match its March 2024 all-time high.

However, the upward movement was short-lived as BTC faced a substantial correction in the following days. The asset currently finds support at the 20-day moving average of $68,564, with the lower Bollinger Band at $65,214 serving as a critical support level.

EigenLayer Token Faces Significant Pressure

EigenLayer’s native token EIGEN experienced a challenging week, recording a 17% decline despite positive broader market conditions. Since its October 1 debut and initial peak of $4.90 on Binance, the token has struggled to maintain momentum.

The asset’s downward trajectory formed a bearish channel, with immediate recovery dependent on breaking above the 23.6% Fibonacci retracement level at $2.642.

Kaspa’s Mixed Performance

Kaspa (KAS) showed independent price action, declining 4.4% over the week despite late gains. Technical indicators suggest sustained bearish pressure, with the negative directional indicator (-DI) at 31.1 substantially exceeding the positive directional indicator (+DI) at 13.3.

The token faces immediate resistance at $0.2592, with additional key levels at $0.1492 and $0.1636. Recovery prospects depend on breaking through these resistance points and reclaiming the psychological barriers at $0.15 and $0.16.

- Advertisement -

Market Outlook

As the US presidential election approaches, market participants should monitor potential volatility impacts on cryptocurrency prices. Bitcoin’s ability to maintain support above the 20-day moving average could determine the broader market’s direction in the coming weeks.

Technical indicators suggest cautious trading conditions across major assets, with established support and resistance levels providing key reference points for short-term price action. The market continues to demonstrate maturation through increased correlation with traditional market events and technical analysis reliability.

The upcoming week’s price action may be particularly significant for determining whether the recent market surge represents a sustainable trend or a temporary deviation from longer-term patterns.

Previous Articles:

- Advertisement -

Latest

TON Blockchain Hit by Outage, Block Production Halts Temporarily

The Open Network (TON) blockchain experienced a temporary outage on June 1, stopping block production for about 40 minutes.The issue was fixed quickly by...

Pi, IMX, ZBCN in Focus as Key Token Unlocks Threaten More Losses

The crypto market experienced a sharp drop as Bitcoin fell from $111,900 to below $104,000, resulting in widespread altcoin declines.Investors are closely watching key...

Crypto’s “Inverse Cramer”: Trader Gains Millions Opposing James Wynn

A trader known as James Wynn became notable for a $1 billion Bitcoin short position on the Hyperliquid platform.Other crypto traders have started to...

Bitcoin Drops 10% From Highs Amid Quantum Computing Warnings

Bitcoin dropped nearly 10% from its record high, falling close to $103,000 after reaching $112,000 last week. BlackRock warned that advances in quantum computing could...

Czech Justice Minister Resigns Over $45M Bitcoin Donation Scandal

Czech Justice Minister Pavel Blazek resigned after controversy over accepting and selling Bitcoin from a convicted criminal.The Justice Ministry auctioned nearly 500 Bitcoin, raising...

Must Read

9 Best Trading Platforms for Crypto Beginners

Many newcomers to the crypto space are looking for platforms to buy, sell and exchange cryptocurrencies. While there are hundreds of crypto exchanges around...