$BTC Bitcoin's price has been falling rapidly recently due to several important factors. First, the sudden surge in long liquidations has increased selling pressure, especially when BTC hit a key resistance level near $70,000. When highly leveraged investors are liquidated, the price often corrects more sharply.
Second, although the US Federal Reserve has hinted at an interest rate cut, which is usually supportive of risk assets like Bitcoin, the market has recently been concerned about increased volatility and unfavorable short-term moves. Some analysts warn that a temporary correction may be necessary before Bitcoin continues its upward momentum.
In addition, uncertainty in the global economy and political factors, such as the upcoming US election, have also made investors hesitant, leading to this temporary price drop.
$BTC Bitcoin is one of the first and most popular cryptocurrencies in the world. Here are some important things you should know about Bitcoin: 1. What is Bitcoin? âą Bitcoin is a decentralized digital currency, created by an individual or group of users nicknamed Satoshi Nakamoto in 2008. It operates without control from any government or central bank.
BTC Trend Currently, Bitcoin price is showing strong volatility with prices around $66,000 to $68,000. Recent trends suggest that Bitcoin is likely to continue rising, with many analysts predicting that the price could reach $74,000 in the near future. The Bitcoin market is attracting great interest from investors, as open interest on derivatives exchanges has increased to near record levels, indicating an increase in trading volume.
However, traders remain divided on Bitcoin's short-term outlook, with the ratio of short orders (51%) to long orders (49%) being almost equal. This shows hesitation in predicting the direction of the market. However, many investors remain optimistic about the possibility of reaching new highs by the end of 2024.
This trend reflects Bitcoin's recovery after a period of low prices in the past, with many predicting further price increases due to factors such as growing support from major financial institutions and the development of blockchain technology.
From now until the end of 2024, the Bitcoin (BTC) price trend is expected to continue to fluctuate, with both positive and risky factors affecting the market.$BTC
Burst factors:
1. Halving event in April 2024: This event often leads to a reduction in supply and an increase in Bitcoin price after a few months. Many experts expect that BTC price will be able to reach new highs in the coming months.
2. Bitcoin ETF: The approval of Bitcoin ETFs in the US has created a large inflow of money from institutional investors, which is likely to maintain the upward trend of BTC price.
3. Monetary policy: The US Federal Reserve (Fed) is expected to cut interest rates in November, which could create a positive wave for the cryptocurrency market.
Bearish Factors:
1. Market Sentiment: Despite the positive expectations, some technical analysis indicates that BTC may decline slightly by the end of the year, with the possibility that BTC price may hit a low of around $60,783 in December.
2. Market Correction: After a strong rally, the market may face selling pressure from investors taking profits, which may cause short-term corrections.
Overall, experts predict that Bitcoin price will fluctuate between $60,000 and $90,000 between now and the end of the year, with the prospect of further price increases if favorable factors continue.
The current Bitcoin price is around $68,231, and technical analysis shows that the overall trend is bullish. Important indicators such as the short-term and long-term moving averages (MAs) are all showing buy signals, especially the MA50 and MA200 lines, indicating that the bullish momentum is still maintained.
However, other momentum indicators such as the relative strength index (RSI) are currently at neutral levels (53.45), indicating that Bitcoin is neither overbought nor oversold, and some other oscillators such as the Stochastic and MACD are also leaning towards neutral.
Currently, Bitcoin is trading in a range near the strong resistance level around $63,938 and has the potential to rise further if it breaks this level. Important support levels that investors should pay attention to are located at the $62,148 and $60,924 areas.
The overall trend shows an upward outlook, but the market is still subject to some volatility. Investors should closely monitor factors such as the âFear & Greedâ index and resistance/support levels in the coming time.
The current BTC/USDT chart shows a clear downtrend with signals from SuperTrend, MA, MACD and ADX all pointing towards the continuation of the trend. RSI, although showing mild oversold signs, is not enough to reverse the current trend. Traders should be cautious and may consider selling if there are no clear signs of recovery, while using stop-loss orders to minimize risk in case the trend continues to decline.