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Cryptocurrency News Articles
Bitcoin (BTC) Price Analysis: BTC Climbs Higher, Technically Bullish But Steadies Below August Highs
Sep 25, 2024 at 11:30 pm
A break above the $65,000 and $66,000 resistance zone could spark a wave of demand that may lift the coin to all-time highs.
Bitcoin price analysis: BTC steadies below August highs, technicals bullish
Bitcoin (BTC) price shows strength on the higher timeframes, but buyers are yet to gather enough steam to propel the coin to new all-time highs. The coin remains below the highs set in August. However, technicals show that buyers could be preparing for a final push.
Bitcoin price steadies, poised for a breakout
At the time of writing, Bitcoin price trades at $64,000. The coin is up slightly over the past day, adding to the gains it began to accrue last week. In the past seven days, BTC price is up over 6%.
However, the coin remains to be breakout and clear the highs set in August. The coin’s failure to do so has seen it trade within a range for the past month. But, technicals show that buyers are still in charge, and the coin could be preparing for a breakout.
On the daily chart, BTC price is trading within a bull flag. The pattern is formed by lower highs and higher lows, and it usually marks a continuation of the prior trend. In this case, the prior trend was bullish, and the bull flag suggests that the bullish momentum will continue.
A close above the resistance trendline of the bull flag will be crucial. Such a move will confirm the breakout and could see BTC price rally to new all-time highs. However, if the coin fails to break out and drops below the support trendline, it will invalidate the bullish outlook.
Fundamentally, several factors could boost Bitcoin price in the coming months. Among them is the liquidity being injected into the global economy by the People’s Bank of China (PBoC).
The central bank recently unveiled a 10-point easing plan to stimulate the Chinese economy. The decision to inject liquidity and slash rates will have a positive impact on the global economy.
With global liquidity rising, Bitcoin price is likely to benefit from the accommodative monetary policies being adopted by China, Japan, and the United States.
Additionally, Bitcoin price may also find support from the weakening US dollar index (DXY). As the greenback weakens, other economies, such as those in Europe, will likely move to further support their respective economies.
This, in turn, will see capital flow into hard assets, such as Bitcoin. Already, gold price is trading at levels close to all-time highs, and BTC price could follow the yellow metal as investors buy them to hedge against soaring inflation.
Other developments that could boost BTC price include the approval of BlackRock’s application for an Options listing and trading permit for IBIT, their spot Bitcoin ETF, by the US authorities.
Furthermore, banks, including BNY Mellon, are showing interest in offering Bitcoin custody services. This could pave the way for fund managers to begin accepting BTC on behalf of their clients.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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