Bitcoin surge warning! The $65,000 mark is imminent, and market confidence is overflowing!
As the price of Bitcoin stabilizes in the $63,000 to $64,000 range, the market is experiencing a gorgeous turn from panic to excitement. The Fed's interest rate cut gift - a 50 basis point interest rate cut, not only injected a shot of adrenaline into the global economy, but also made crypto assets such as Bitcoin a hot commodity in the eyes of investors. Bitcoin not only held the key defense line of $60,000, but also showed a strong momentum to rise further.
The stable performance of the US dollar and the expectation of future interest rate cuts are like magnets that attract funds to Bitcoin and other areas where risk aversion and value-added coexist. Recently, the huge increase in holdings by heavyweight players such as MicroStrategy has undoubtedly injected a shot of adrenaline into the market, demonstrating the industry giants' firm belief in the future value of Bitcoin. This wave of operations not only boosted market sentiment, but also reflected the phenomenon that "whales" are good at making arrangements in panic, while retail investors often miss opportunities.
Entering the golden autumn of October, historical data seems to indicate another golden period for the crypto market. As the price of Bitcoin rises steadily, the market generally expects it to continue to rise. At present, the price of $BTC has stabilized at $63,639.09, with a daily trading volume of up to $103.43 billion, and a market value of over $1.26 trillion, accounting for more than half of the market, demonstrating its king status.
However, it is worth noting that Bitcoin's dominance has weakened, which may indicate the imminent rise of the altcoin market. Despite market fluctuations and position adjustments, Bitcoin's support remains solid. In my opinion, $63,500 is a key psychological price in the short term. If it can be effectively maintained, it is expected to launch an attack on $65,000. Of course, the possibility of a correction to the $62,000 to $60,500 range cannot be ruled out in the short term.
From a technical analysis, the 14-day RSI value of Bitcoin is still in a reasonable range, and there is still some distance from the overbought state, which leaves room for subsequent rises.
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