Danger-taking and anti-USD sentiment are extending bitcoin’s beneficial properties towards the U.S. greenback!
How excessive will BTC/USD fly earlier than the OG crypto goes again to its longer-term downtrend?
If the downtrend picks up, it might achieve this at these ranges:
Bitcoin (BTC/USD) Day by day Chart by TradingView
Until you’ve been too busy binging on the 2024 Emmy Awards winners, it is best to know that the Fed not too long ago reduce its rates of interest by 50 foundation factors, a bit increased than the 25-basis-point reduce that the markets had been considering weeks in the past.
FOMC members additionally hinted at future price cuts this yr and the following, which might be why the U.S. greenback is struggling towards its “riskier” counterparts.
Talking of “dangerous,” bitcoin – one of many riskiest main property on the market – is benefiting from improved market sentiment and is extending an upswing from earlier this month.
Keep in mind that directional biases and volatility situations in market worth are sometimes pushed by fundamentals. In the event you haven’t but performed your homework on bitcoin and the U.S. greenback, then it’s time to take a look at the financial calendar and keep up to date on each day elementary information!
BTC/USD, which turned increased from its $53,500 lows, is now nearer to the $64,500 psychological degree.
How excessive can BTC/USD fly earlier than it encounters sustained promoting stress?
We’re eyeing the $66,000 – $68,000 vary, which traces up with the highest of a descending channel sample that’s been in play since March. The R1 ($66,500) Pivot Level resistance can also be close to that psychological degree and will set off a possible bearish transfer.
Look out for bearish candlesticks round $66,000, which could kickstart a downswing again towards the $58,000 – $60,000 space of curiosity.
There’s additionally an opportunity bitcoin faces promoting stress at its present worth, which is true on the each day chart’s 200 SMA and late August resistance.
But when BTC/USD retains drawing in shopping for stress, a retest and constant buying and selling above $68,000 isn’t off the desk.
In that case, bitcoin might push increased and make a run for the $70,000 earlier highs.
What do you assume? The place do you see BTC/USD heading within the subsequent few days?