Before the monthly close, Bitcoin (BTC) saw another failed attempt to reclaim the resistance at $72,000 as a support level. Despite the decline, some analysts believe that the cryptocurrency is still in a forceful position for the upcoming breakout, setting fresh levels to watch.

BTC’s Sweet 16 party is getting spooky

Bitcoin, the largest cryptocurrency by market capitalization, has seen impressive growth in “Uptober”, rising about 13% in the last 30 days. BTC price rose from a monthly low of $58,900 to a near all-time high (ATH) of $73,737, reaching $73,300 on Wednesday.

Following a green September close, the flagship cryptocurrency will have its best monthly close since March, potentially registering around 13-14% monthly returns despite recent price action.

On the 16th anniversary of its white paper, Bitcoin suffered a terrible 2% decline, sending the rest of the market into the red Halloween party. The BTC price fell below the $71,000 level, reaching a daily low of $70,600. Meanwhile, the second-largest cryptocurrency by market capitalization, Ethereum (ETH), retreated about 5.1%, missing the support zone at $2,600.

Crypto analyst Ali Martinez he noticed that today’s decline is the fifth consecutive rejection of BTC at $72,000. Since ATH, Bitcoin has been rejected from this resistance level five times, falling between 8.2% and 18% the previous four times.

Altcoin Sherpa Analyst suggested that BTC could see a decline of 4% to 5% if the top cryptocurrency fails to maintain the $70,000 support zone. Nevertheless, Sherpa believes that the cryptocurrency should “bounce” from the $70,800-71,400 area in the compact term.

BTC is expected to have an extremely volatile week ahead of the US presidential election. Bitfinex analysts predicted that Bitcoin’s volatility will peak between November 6 and 8 as speculation and anticipation about the election outcome weigh on the cryptocurrency’s performance.

Is Bitcoin getting ready for a year-end breakout?

Cryptoinsightuk assessed Bitcoin’s performance, noticing that BTC is still on ATH according to Open Interest (OI). A cryptocurrency investor believes that the daily relative strength index (RSI) has the potential to “exceed bearish levels” today.

He also stressed that $69,600 should be a key support level for Bitcoin bulls, but warned that a loss of the $66,500 range could be “messy” as BTC open interest “trickles down.”

Meanwhile, Crypto Kaleo sent a more bullish outlook for BTC price action. The analyst emphasized that the flagship cryptocurrency did not break the ATH level when it tested the $20,000 mark again in 2020.

Instead, Bitcoin initially retreated almost 20% over Thanksgiving, going from $19,400 to $16,100. Moreover, the BTC price accumulated in this range for 30 days before the breakout, with another boost occurring in slow December 2020.

The analyst indicated that the breakout occurred 219 days after the halving in May 2020. Since Bitcoin is currently 194 days after the halving, the analyst believes that “the minor pullback in this case is not a cause for concern.”

At the time of writing, Bitcoin held the $70,000 support level, currently trading at $70,522.

Featured image from Unsplash.com, chart from TradingView.com