Bitcoin has failed the level of $ 69,000

The price of Bitcoin BTC $78,075.02 Mezo Wrapped BTC -1.43% Market capitalization $76.88 million VOL. 24 hours $0.95 billion dropped below $ 70,000 over the weekend, effectively canceling the previous week’s gains. This has put the cryptocurrency in a difficult position: analysts warn that the bulls must hold the $ 69,000 level to prevent further decline.

According to a Tealstreet analyst, this level could become a recovery point — if it is held, Bitcoin could rise to $ 73,000−74,000, and then to $ 76,000−77,000. If the support is lost, the price is expected to drop by at least 5% to $ 64,000−66,000.

Another analyst, HAMED_AZ, believes that Bitcoin has entered a corrective phase. If the price fails to break through the upper boundary of the rising channel, the drop could exceed 10% and send the asset below $ 60,000 for the first time in more than a year. On the contrary, if the resistance is successfully broken through, the price could move to $ 80,000 and start a new growth.

Currently, Bitcoin is holding at around $ 68,500, remaining in the critical zone. Further developments will depend on whether the bulls can regain control of the $ 69,000 mark.