Bitcoin is currently trading around $62,300, after recovering slightly from a drop below $60,000 in the previous days. The volatility was mainly due to selling pressure when Bitcoin peaked at $65,000 in late September and early October. Currently, the mid-term trend of Bitcoin remains unclear as it is trading below its 200-day moving average.
Several factors are influencing the price of Bitcoin, including geopolitical instability in the Middle East and inflows from Bitcoin ETFs in the US. These ETFs added Bitcoin after the US Federal Reserve cut interest rates in September, which created a short-term rally for BTC. However, investors now need to watch the support level around $60,000. If this level is broken, Bitcoin could fall further to $55,000 before finding stability.
In the short term, if BTC holds above $60,000, there is a possibility that the price will recover to the $65,000 - $66,500 resistance zone. Conversely, if selling pressure increases, a correction to $55,000 is entirely possible. $BTC