$Coinbase Global, Inc.(COIN)$ Bitcoin’s current struggle to break past the $70,000 mark raises concerns about potential market exhaustion, despite the ongoing positive trend from September lows. Historically, such persistent resistance at key psychological levels suggests that market participants might be taking profits or positioning cautiously ahead of pivotal events like the upcoming U.S. elections. The risk here is that repeated failures to breach this level could trigger a double-top pattern, often seen as a bearish reversal signal, potentially leading to a pullback toward the mid-$60K range or lower.
Combined with ongoing macroeconomic uncertainties and geopolitical factors, Bitcoin’s path to new highs appears increasingly fraught with risks and potential volatility in the near term.
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