As of today, September 26, 2024, Bitcoin's price is hovering around $64,334, reflecting a 1.59% increase from the previous day, continuing its recovery from a recent dip. Over the past week, BTC has experienced steady fluctuations, with notable resistance near the $65,000 mark. Despite attempts, Bitcoin hasn't managed to break through this key level, largely due to low capital inflows and concerns around macroeconomic factors, including potential stock market corrections and investor caution ahead of U.S. elections (Cointelegraph) (interactivecrypto.com) (YCharts).
In terms of market trends, Bitcoin's 24-hour trading volume is around $24.9 billion, with a market capitalization of approximately $1.24 trillion. The recent rise in Bitcoin's price is contributing to bullish sentiments, though the market remains in a consolidation phase. Traders are closely monitoring movements, especially as technical indicators suggest that BTC may be gearing up for more volatility(Cointelegraph) (interactivecrypto.com).
For the rest of the week, analysts are predicting that if Bitcoin can push past the $65,000 resistance, it could open the door for further upside. However, if selling pressure continues, BTC may retest lower levels (YCharts).
Now in what deep the price could reach?
Will... Bitcoin's price could potentially drop to $59,000 or even lower if selling pressure continues and if the market faces additional bearish factors. Analysts point out that $59,500 is a key support level that could serve as a safety net. However, if this level breaks, Bitcoin may test the $55,000 to $57,000 range, depending on broader market trends, investor sentiment, and macroeconomic conditions (interactivecrypto.com) (YCharts).
Factors such as weaker capital inflows and global economic uncertainties, including potential stock market corrections, could push BTC to retest these lower levels before finding solid ground for recovery.
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