Why is Bitcoin price stagnant? To put it bluntly

As of October, the price has been trading in a high trading range of about $4,000, continuously staying above the $60,000 support level, while facing repeated pullbacks after attempting to break through the $64,000 resistance level.

Geopolitical risks suppress Bitcoin's rise. Bitcoin prices are currently stagnant due to economic uncertainty and geopolitical risks, which creates a cautious market environment.

Interest rate cuts are generally good for Bitcoin. However, the intensification of geopolitical conflicts in the Middle East has hit risk sentiment, and investors have turned to safer assets such as the US dollar. There is less seller activity and Bitcoin prices remain stable. A higher ratio means that investors will make more profit or loss than their initial investment when transferring their tokens.

On the other hand, a lower ratio indicates that the selling price of tokens is close to the investor's break-even point. The ratio has fallen below the "low value band", indicating that there is little profit or loss at the current price level. The lack of decisive action by investors indicates that the market is stagnant, causing Bitcoin prices to stagnate.

In the absence of significant selling pressure or profit-taking, the market remains in a state of indecision, causing Bitcoin prices to remain range-bound. Neutral momentum indicates conflicting biases among traders, and Bitcoin’s sideways price action is occurring within a rising wedge pattern, as confirmed by its contracting, ascending trendlines that intersect at the apex around $69,750.

Moreover, the relative strength index (RSI) is hovering around the neutral 50 level, suggesting that the price is neither overbought nor oversold. In other words, there is a balanced sentiment between buyers and sellers.

A rising wedge typically ends with a bearish reversal move. A breakdown occurs when the price breaks below the lower trendline and falls to the maximum distance between the upper and lower trendlines of the wedge. If the rising wedge breakout pattern materializes, there is a chance that BTC’s price could drop to the $49,700-56,000 range by the end of 2024. #6万保卫战 #9月美国CPI实现6连降 #SCR价格预测 #CPI&PPI来袭，美国通胀升还降？ #币安LaunchpoolSCR $BTC $ETH $BNB