Bitcoin Struggles to Hold Above $65,000 as Analysts Eye $70,000 Target

Bitcoin struggled to hold above $65,000 for a fifth consecutive day, slipping below that level on Tuesday. The price of BTC has been testing this round number without any surge in buying, but Alex Kuptsikevich, chief market analyst at FxPro, notes that there is a build-up of short positions well above this level.

Kuptsikevich sees $70,000 as the next key area to watch, with the 200-day moving average sitting nearby. Clearing this level would shift sentiment meaningfully and put Bitcoin above the range where buyers and sellers fought through March and April.

The crypto sentiment index is currently at 30, in what is known as the fear zone, and has stayed there since mid-July with occasional dips toward extreme fear. Broader markets are focusing on rising bond yields, higher oil prices, and upcoming U.S. inflation data, which may be weighing on assets that do better when rate rises look less likely.