Bitcoin Stalls at $64K Again — Here’s What’s Holding It Back!

Bitcoin has struggled to break past $64,000, despite gaining 5.2% between Oct. 3 and Oct. 7. While some analysts link Bitcoin’s growth to rising U.S. federal debt, the real drivers behind its stalled price seem to be global economic and political factors.

The Federal Reserve’s higher interest rates and a strong U.S. dollar are making investors more cautious, reducing demand for risk assets like Bitcoin. In fact, the dollar index (DXY) rose to 102.5 on Oct. 7, suggesting investors are choosing cash over alternative currencies.

Recent U.S. jobs data has also lowered the odds of a recession, which dimmed hopes for an interest rate cut and hurt Bitcoin’s price momentum. Additionally, strong corporate earnings forecasts, particularly from the tech sector, have shifted investor focus back to stocks, leaving Bitcoin stuck in a tight range.

Derivatives markets show neutral sentiment, with the Bitcoin futures premium at 8%, and outflows from Bitcoin ETFs have totaled $335 million since Oct. 1, signaling traders’ lack of confidence.

Ultimately, Bitcoin’s inability to push beyond $64,000 is due to a combination of macroeconomic pressures, rising stock markets, and investor caution ahead of global uncertainties.

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