Bitcoin Around $75K: Is the Market Waiting for a Direction?

[Asiska02]

Overall I think this is a time to take your time. If we see strong volume picking up then this could be something to watch.

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

It’s better not to react all of a sudden. Observing the market is very important as well as taking the best most decisive actions in terms of market uncertainty like this. I don’t see the activities around the market such that will cause some panics, but that doesn’t mean that observing the market won’t be of big benefit. The market is just trending in what the market should currently be trending towards, this does not call for panic or rushing to sell. This moment too shall pass and bitcoin will recover and go into a bull run again in the future.

[Slow death]

The price dropped to $72,700 today, then recovered slightly and is currently at $73,700. This suggests that it could fall significantly if it drops below $70,000, or it might gain momentum and climb higher if some positive news emerges—though, honestly, I don’t see any good news on the horizon anytime soon. In my view, the price of Bitcoin is struggling to sustain itself above $70,000 for any length of time, which could be due to a number of factors. That said, there was actually some good news today for users of the Mercado Bitcoin platform:

Mercado Bitcoin to resume cash withdrawals after $49M hack

source: https://cointelegraph.com/news/pix-withdrawals-resume-mercado-bitcoin-hack

Although this is good news for those who use this site, reports of hacker attacks on cryptocurrency platforms have become increasingly common this year. This could deter people from the market for some time; furthermore, Trump’s foreign policies pose another challenge for the market. These factors are not conducive to an increase in the price of Bitcoin which explains why the price is falling as it seems that whenever the price starts to rise, some piece of bad news emerges. It’s beginning to get quite strange.

Hot US inflation raises odds of half-point Fed hike in December

source: https://cointelegraph.com/news/hot-us-inflation-raises-rate-hike-crypto

The market outlook is not good; I see the price fluctuating between $60,000 and $90,000 over the next two years, with a significant rebound expected after Trump’s term ends. I could be completely wrong about this, but I don’t foresee the price climbing high enough to reach $126,000 not while we continue to see erratic decisions coming from an individual in a certain wealthy nation, and while major hacking incidents resulting in the theft of large sums of money continue to plague the cryptocurrency market.

[DiMarxist]

Bitcoin is trading around $75K right now. BTC is starting to consolidate after its latest drop however we're still seeing signs of a weak market.

For now Bitcoin is still in a recovery phase so, no matter how tough the Bitcoin market may be. we are to stay put and only think about investing and holding for Long

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

Waiting for confirmation from where OP, when it comes  to the Bitcoin market procastination has always been the issue. Since no body can easily point out where the price of Bitcoin is going to be, there is no need of  investing with fear or waiting for confirmation based on the indicesse that the investor has.

[STT]

The trend is your friend or in this case its a freight train and you should at least step out the way.   In trading terms I dont see a reason to be optimistic below establishing 75k as a confirmed low, alot of people wont hop on board till its trending above 80k

We're nowhere near those scenarios from what I can see has happened.  Its not leveled out, its falling and only briefly bounced near the 200 day average.   This is 6 red bars on the weekly chart, once upon a time I'd bet it'll turn green like its roulette and luck is due but generally thats not how a speculative trade tends to work so Ive read.

  Expect more of the same is the basic rule and we watch on that basis.  Having lost the yearly average and we now risk the 200 day average, the most watched indicator on a chart across the market; this is negative sentiment requiring a fight to nullify and turn around.

[EarnOnVictor]

-snip-
How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

My image above as said it all.

Many might relate this or that to what's happening with Bitcoin, but the chart doesn't like, and that is a monthly chart. As you can see, Bitcoin was severely resisted by: (1) the blue MA line around $87,300, which is why it created: (2) a double-top, and (3) the price action is visibly bearish, even as (4) the Fibonacci analysis supports a bearish bias.

All these points to a bearish Bitcoin, at least for now.

[Bd officer]

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

I see the current market as normal, 3 months ago the market was around $60 and unexpectedly the market rose above $80. Have we come out of the bear season? In the previous cycle, the bottom price occurred in November 2022. Although I am not expecting it like in the past, but I think the market will be down in November-December.
Now as an investor, I said at the beginning that this is normal. So it is better to buy using the DCA strategy. Don't panic after hearing any kind of news, stay calm and be patient, if you are planning for the long term then why worry so much?

[henmark]

We opened the year with bitcoin revolving around the $86k ish, from what is the case as things stands now, there are no better indicator that shows that we are going into 2027 with a huge positive difference from what was the case early this year and that is a major concern.

The pattern of the cycles that bitcoin goes through still being followed. After this year of bear market, it's sluggish for 2027.

But it will not surprising if there's a sudden change for what we're expecting next year.

All eyes on Nvidia right now, I'm not sure if there's a huge difference that's coming from there but just as how bitcoin's plummeting right now, its stock is also going down.

The thing about bitcoin circles is that it goes up and down all the time, so there is nothing new about this situation. Yes, it may not look that great right now, but we have seen it go down a lot, like to 60k and maybe even lower; not sure. And we have seen it as high as 125k as well. So we know that it can go down even more and go up even more. There isn't really a set price for bitcoin, and it will move a lot.

So if it is going down right now, that means we know that it will eventually go up as well. Sure, maybe not today, maybe not even tomorrow; we do not know exactly when it will start to go up, but we know that it will go up. This is why the best case we have right now would be that we are going to recover.

[fredericktaylor]

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

The process of increasing and decreasing the price of Bitcoin is very natural. The more the demand for buying by investors increases, the more the price will continue to increase and the more the selling pressure in the market increases, the more the price will decrease. Therefore, if the price of Bitcoin decreases, it is more effective to take advantage of the opportunity properly and not miss it.

Currently, the price of Bitcoin is $74,030 but I am not too worried about this issue. My goal is long-term, so I take advantage of the opportunity and invest within my means and hold it for a long time so that I can gradually reach my goal. I do not really panic when the price of Bitcoin decreases, I think of it as a new investment opportunity. We are still in bad times, so the price of Bitcoin may fall further, so do not panic, take advantage of the opportunity with confidence and hold it for a long time and it is a good decision.

[Nathrixxx]

This stage we are, it is more better than we expect either the fall or rise, once there is a strong resistance to the market from rising towards $80,000 then we should expect that there will be a fall even below $70,000 soon, same applies to the support if $75,000 is supported, then we are going to go more bullish and even beyond $80,000 anytime from now to the end of November.

[Aliciaworld]

For the most part I'm staying on the sidelines at the moment, my bias is that Bitcoin will dip further into the $66k - $69k zone and I'm willing to put my money where my mouth is. I've discussed this with some friends who've advice that it'll be better I invest now and DCA as we go along just in case, but I think I'll stick with my guts.

Just my thought, NFA.

[FirmWars]

We are not completely out of the bear market and I think whatever is happening in the market now is really expected, even though it is said by many experts that Bitcoin has already reached its bottom at $58k, it doesn't mean that price will not come down again, it's when bull Run have been confirmed that we can expect price not to come down to some level again but for now, we should expect price to dance around bottom before the bull run. Long term holders don't have any business with what ever price choose to do now but traders are to be more concerned.

[WatChe]

Waiting for confirmation from where OP, when it comes  to the Bitcoin market procastination has always been the issue. Since no body can easily point out where the price of Bitcoin is going to be, there is no need of  investing with fear or waiting for confirmation based on the indicesse that the investor has.

You are right in saying that its very hard to predict the direction in which Bitcoin is heading towards. We have seen in past that when everyone start saying that current dip will take price of Bitcoin to new Lows, we saw a sudden upward trend in price of Bitcoin and vice versa. If we look at price of Bitcoin for last one month then its mostly going down and if that pattern continuous then soon price will go near 60k and that will be golden opportunity to buy Bitcoin for next bull run. Just keep an eye on price of Bitcoin.

[Jegileman]

Overall I think this is a time to take your time. If we see strong volume picking up then this could be something to watch.

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

It is better to stay on the sidelines and observe the market for now. There is nothing so compelling in the market to want you to take action now if you’re not here for investing into the market. Those that have invested earlier are now facing a lot of tension as the market plummets but strong holders that understands the market are not moved by this, they remain adamant and true to their savings until it reaches profitability state. The market is very unpredictable and make such quick decision gains is not for all. Time will tell but it is better now to observe than taking action indecisively.

[Pandorak]

We are not completely out of the bear market and I think whatever is happening in the market now is really expected, even though it is said by many experts that Bitcoin has already reached its bottom at $58k, it doesn't mean that price will not come down again, it's when bull Run have been confirmed that we can expect price not to come down to some level again but for now, we should expect price to dance around bottom before the bull run. Long term holders don't have any business with what ever price choose to do now but traders are to be more concerned.

I agree with what you’re saying. The bear market isn’t entirely over yet and in the near future we’ll likely see Bitcoin approach its previous lows again, perhaps around $60k–$65k. Hopefully it won’t drop any further than that. Although my personal belief, based on analysis of higher time frames, that prices will continue to fall. I really hope that doesn't actually happen, because there would certainly be strong psychological pressure if Bitcoin drops below $58k. One thing is certain, it will be difficult for Bitcoin to reach $100k by the end of this year, unless there’s some high impact good news.

[Wiwo]

Bitcoin, or the entire cryptocurrency market, can react in various ways, so yeah, you need to be prepared for whatever position and direction the market takes.

Taking into consideration the various consolidations in the market and how the market reacts to various news and political events.

Another thing to note also is that we are at the end of the year, and most people dumping assets since the beginning of the year are starting to run out of volume, so we my experience the market is stable or recovering to at least 80k for bitcoin in December.

[Akaenyi]

The market has always waited for directions, at any point investors and institutions are waiting to hear some news to either buy or dump, nothing is new or alarming about that so this time is not peculiar. I don't see a clear direction yet and I'm waiting on some news like everyone particularly from America, and specifically from Trump, to predict where the market is going from here but recent events haven't really had any significant impact in the market. As Bitcoin holders I think that what we can do is to continue buying since we are anticipating bull run between now and max 2029.

[free-bit.co.in]

For the most part I'm staying on the sidelines at the moment, my bias is that Bitcoin will dip further into the $66k - $69k zone and I'm willing to put my money where my mouth is. I've discussed this with some friends who've advice that it'll be better I invest now and DCA as we go along just in case, but I think I'll stick with my guts.

Just my thought, NFA.

I'm not telling you to buy now or drop your plan to wait for a dip. Everyone's got their own take on investing.

That said!
You might be right about Btc dropping to $66k zone , but what if price never gets there? What's plan B then?

Waiting for a better entry makes sense . But getting too fixated on a price level you want market to hit while ignoring other possible scenarios isn't exactly a smart move.
The market does not have to follow the script we've got in our heads. Sometimes patience costs you too, you'll miss the boat if price turns around earlier than expected .

[Nathrixxx]

-snip-
How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

My image above as said it all.

Many might relate this or that to what's happening with Bitcoin, but the chart doesn't like, and that is a monthly chart. As you can see, Bitcoin was severely resisted by: (1) the blue MA line around $87,300, which is why it created: (2) a double-top, and (3) the price action is visibly bearish, even as (4) the Fibonacci analysis supports a bearish bias.

All these points to a bearish Bitcoin, at least for now.

From what the chart you have illustrated indicates, we are more inclined towards a bearish pattern for this month of November and this is what we have been seeing already, the recent fall is an indication that the moment there is a support to pump the market, it is more often resisted and this is why it will resulted in a fall, because the support is very weak, any other events of breaking news could also cause a short-term effect on the market performance at a given time, well for now, let's be optimistic to see the market pass through this stage and we expect the rising towards the end of by December.

[SatsPH]

I'm not telling you to buy now or drop your plan to wait for a dip. Everyone's got their own take on investing.

That said!
You might be right about Btc dropping to $66k zone , but what if price never gets there? What's plan B then?

Waiting for a better entry makes sense . But getting too fixated on a price level you want market to hit while ignoring other possible scenarios isn't exactly a smart move.
The market does not have to follow the script we've got in our heads. Sometimes patience costs you too, you'll miss the boat if price turns around earlier than expected .

I guess the best weapon for that is just do DCA, there will be no plan B with that kind of strategy, emotions are eliminated and so even if the price rebounded, still you are buying in an average.

And if the price goes down, then good, still cheap to buy it. Unless you are doing some lump sum, then you will have to wait for the price to go lower. But we don't know how low it can go as we have seen the lowest low is $57k. So there could be some who might be thinking that it can go further down to that level before they buy.

[davis196]

Bitcoin is trading around $75K right now. BTC is starting to consolidate after its latest drop however we're still seeing signs of a weak market.

The Fear & Greed Index is showing us we're currently in fear territory and recent ETF outflows are demonstrating we're still not seeing strong demand from institutions.

However it seems like there are those who are looking for a bounce in the market and those who are waiting for stronger confirmation.

Overall I think this is a time to take your time. If we see strong volume picking up then this could be something to watch.

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

I just keep accumulating BTC as much as I can. I stopped paying attention to the Bitcoin price during the last seven months. The last time, when I was obsessed with the price was back in February-March. The crypto market will keep going sideways, just like the stock market. The uncertainty around the Strait of Hormuz and the possibility of an AI price crash are the main factors behind the FUD on the markets. The investors hate the Democratic party and I'm sure that the Democrats will start raising taxes in the US after 2028. Trump would impose veto over all proposals for tax increases, but his presidency will end in 2028.