Bitcoin Dips Below $67,000: Watch These Key Support Levels, Says Analyst

Crypto analyst CryptoCred presents a detailed trading strategy for Bitcoin BTC/USD and Ethereum ETH/USD, focusing on key price levels and potential scenarios for the coming week.

What Happened: In a recent “Monday Markets” podcast, CryptoCred analyzed Bitcoin’s technical outlook after its strong weekly close. He presented three potential scenarios: aggressive continuation higher, a pullback before further gains, or a bearish reversal

He identified key support levels to watch if Bitcoin pulls back:

• $65,600 (a “tentative” level)
• $64,200 (a stronger support level)

For potential bullish continuation, CryptoCred highlighted:

• The weekly open around $69,000
• A 4-hour support level at $68,100

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Also Read: Bitcoin Equities, ETF Inflows Surge As Price Moves Above $67,000

He advised traders to remain flexible, stating, “It’s about giving the market a chance. Are you going to be bullish aggressively, are you going to be bullish having put in a higher low, or you not going to be bullish at all?”

CryptoCred cautioned that a drop below $64,000 could jeopardize the bullish structure, saying, “I think a lot of market structure based arguments start to become really treacherous sub 64k.”

For Ethereum ETH/USD, CryptoCred suggested watching the $2,700-$2,800 range high and potential support around $2,600, noting that it would likely trade in tandem with Bitcoin.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Bitcoin At $68,000 Remains ‘An Uptrending Machine:’ Technical Analyst Expects One Of These Two Scenarios Next

Image created using artificial intelligence with Midjourney.