Bitcoin Approaches 'Crucial' Reversal Zone as $72K Gets Closer

Bitcoin (BTC) dropped to $72,395 on Bitstamp at the US trading open, sinking to six-week lows even as US stocks climbed to record highs. The S&P 500 and the Dow Jones Industrial Average both began Friday with new records, with momentum driven by anticipation of a lasting ceasefire between the US and Iran.

Trader Michaël van de Poppe warned that geopolitical changes could still save the Bitcoin trend but cautioned, "Bitcoin is about to collapse to lows, if this level of support doesn't hold. That's just the reality." He added that "Anything between $72,000-74,000 is crucial and could be the end of the correction," and called $77,000 the line in the sand to start the "next leg upwards." "If that doesn't happen, then we're about to witness another leg towards the lows and probably new lows on the altcoin markets," he said.

Trading account CGT Trader flagged the risk of liquidations, posting that "Long squeeze loading ….

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