Bitcoin recovers strongly: BTC aims at $64,000, and the road to revival is about to begin!
BTC's performance is quite amazing, and it has finally begun to catch up with the rise of other risky assets. When the U.S. stock market opened on September 19, BTC hit $63,500, setting a three-week high. This wave of market conditions is inseparable from the loose policy brought about by the Fed's interest rate cut.
After the Fed cut interest rates by 0.5% the day before, the market's optimism exploded! Stocks and gold rose together, and the S&P 500 index approached a record high. At the same time, BTC prices also began to move towards historical highs, which is obviously following the momentum of the stock market's rise.
The attitude of institutions to short-selling has changed, and they are no longer actively shorting Bitcoin. Data from futures net positions shows that the extent of institutions' shorting of Bitcoin has decreased by 75%, which also means that the market's confidence in Bitcoin is rapidly recovering.
Do you remember? The S&P 500 and Nasdaq have risen more than 20% this year, and the market value has recently increased by another $3 trillion, which has directly driven the strong performance of risky assets, and even Bitcoin is finally catching up.
Although there may be consolidation in the short term, the market is generally rising steadily. There is still plenty of room for bullishness in this wave of market, and it is a good opportunity to buy on dips when the market pulls back.
From a technical perspective, the main resistance level of Bitcoin is around $64,000. The market bullish momentum is very strong, and coupled with the fact that institutions are no longer shorting on a large scale, this resistance level is expected to be broken! If it can stand firm smoothly, Bitcoin may usher in a greater increase.
Brothers, now is the opportunity at this position! Take advantage of the pullback and buy on dips. The opportunity to make money is right in front of you.
