Bitcoin Tests Critical $65,000 Level: What Does It Mean for Future Trends?
#bitcoin☀️ kicks off the week focusing on a critical price barrier – the $65,000 mark. This level represents a key point that the market is aiming to break through, signaling the potential for further upward movement. After briefly dipping below $60,000 last week, Bitcoin is recovering, giving hope for a return to bullish momentum. Experts predict that breaking this level could trigger another wave of growth.
New Bitcoin Highs on the Horizon
On October 14, Bitcoin ( #BTC☀ ) reached $64,800, marking its highest price for the month. Although the rise isn't as strong as in previous Octobers, there is still plenty of room for optimism. Prominent trader Crypto Tony predicts that a new price record could be achieved either by the end of this year or early 2025. This recent growth has captured the attention of many traders who believe that Bitcoin is on its way to reaching new all-time highs.
Traders Eagerly Await a Break of Resistance
A key focus for traders is the upcoming retest of the $65,000 resistance level, which, according to Elliott Wave theory, is crucial for Bitcoin's next move. Crypto Ed, a well-known trader and creator of the platform CryptoTA, mentioned that last week’s drop below $59,000 is now irrelevant, and he expects a retest of the $65,000 level soon. This sentiment is also backed by the liquidation of short positions last week, which exceeded $100 million.
Bitcoin Gradually Weakens Its Resistance
Bitcoin has been in a long consolidation phase lasting almost eight months. However, according to analyst Rekt Capital, it is slowly eroding price resistances that previously caused significant declines. The level around $64,300, which once led to an 18% correction, is now weakening, suggesting that a breakout could happen, potentially driving the price toward $66,000. This level marks the upper boundary of a descending channel that Bitcoin has followed since March.
Fed, Elections, and Inflation: Key Events Shaping the Market
This week marks the start of earnings season, and markets are increasingly focusing on possible actions by the U.S. Federal Reserve regarding interest rates. Last week’s macro data from the U.S. created additional challenges for the Fed, which now faces rising inflation and increasing unemployment. Analysts believe that the Fed’s next steps could significantly impact financial markets, including Bitcoin.
Retail Interest in Bitcoin Remains Low, But There’s Room for Growth
One of the differences in this Bitcoin bull cycle is the lower interest from retail investors. Data shows that participation from small investors is significantly weaker compared to previous cycles, even as Bitcoin reaches high levels again. However, CryptoQuant’s analysis suggests that this interest could still return, with future waves of FOMO (fear of missing out) being possible. This could serve as a catalyst for Bitcoin’s further growth.
ETF Markets Are Uncertain, Investors Remain Cautious
The situation in the ETF (Exchange-Traded Funds) market remains unclear. Last week saw both net outflows and inflows of capital into U.S. #BitcoinETFs . Market uncertainty is high, reflected in this segment as well. Large investors continue to weigh their options regarding the market’s direction and whether Bitcoin will break through the critical $65,000 level. However, experts believe that if Bitcoin can surpass this level, it could open the door to significant further growth.
All these facts suggest that Bitcoin is at a critical juncture. Breaking the $65,000 level could mark the beginning of a new growth phase. At the same time, macroeconomic challenges on the horizon will continue to influence the market.
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