• Bitcoin price retraces back to $70,000 price range.
• Reputed analyst shares reasons behind the price dump. 
• Will BTC rise again to take $76,000 resistance?

The crypto community is diheartened to see that the price of BTC and ETH has retraced today, especially since Bitcoin price retraces back to $70,000 price range. Meanwhile, the price of ETH has remained steadily over the $2,100 price range, boding well for a continued altcoin price rally. A reputed analyst goes on to share today’s market update and debates if BTC can break $76,000 resistance soon. 

Bitcoin Price Retraces Back to $70,000 Price Range

According to CoinMarketCap analytics, the price of BTC has fallen from the $74,000 price range to that of $70,000 in under 24 hours. This means that the pioneer crypto asset has fallen by over 4.32% in the last 24 hours. Despite the tumble in price, the asset is already showing signs of reclaiming the $71,000 price range soon. Reputed analysts go on to find reasons behind this sudden retracement. 

As we can see from the post above, this reputed crypto analyst and trader says that the reason behind this major and sudden retracements has to do with a main cause, which is the fact that Bitcoin rejected its next resistance level in the $76,000 price range. This means that the price of BTC could fall dramatically as far as the $66,000 support range next. Indeed, this is a concerning move, and many hope BTC will recover instead.

The expert then goes on to highlight 3 other major reasons that caused stress to the crypto market due to increasing risks on a broader, external scale. The first is the fact that the US struck Iran’s South Pars gas facility, the world’s largest gas field, leading to the price of oil jumping to $99 instantly. This resulted in PPI seeing a significant 3.4% year-on-year price pump for the asset.

As a result, the inflation pipeline is refilling before war impacts even hit the data. Furthermore, Powell held rates and acknowledged the Middle East situation for the first time in Fed history. Markets disliked his tone, leading to a resounding message from all three factors, which is that if oil continues rising, it will hurt every asset, including crypto. As the situation escalates by the day, crypto prices suffer. 

Will BTC Rise Again to Take $76,000 Resistance?

According to one reputed silver-tongued analyst, Doctor Profit, who has made many accurate predictions so far, the price of BTC will not fall yet, but will instead continue to pull off its ‘fake pump’. Based on his initial reports from the earlier weeks, the price of BTC will go as far as the $88,000 price range before falling drastically to the $40,000 price range, marking the bottom of the bear market.