The post Bitcoin Struggles with $69,000 Resistance appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) is encountering significant resistance at the $69,000 mark, as macroeconomic developments in the U.S. capture the market’s focus. Recent increases in U.S. Treasury yields, which have reached a three-month high, have reignited inflation worries among traders. Concurrently, the upcoming U.S. elections and Donald Trump’s candidacy are also shaping the sentiment within the cryptocurrency arena. Why Are U.S. Treasury Yields Rising? Since the Federal Open Market Committee (FOMC) meeting, Bitcoin has surged by 18%. Fed Chairman Jerome Powell’s discussions surrounding potential interest rate cuts have given investors a glimmer of hope. However, data from CNBC shows that the U.S. 10-year Treasury yield has climbed to 4.2% as of Tuesday, placing renewed emphasis on inflation concerns. How Do Elections Influence Cryptocurrency Trends? As the U.S. elections approach, the focus of investors is increasingly shifting to political developments. According to 10x Research, Trump’s rising likelihood of winning could significantly impact Federal Reserve policies, particularly if it leads to a strategy favoring economic growth over interest rate reductions. Several market indicators suggest that Bitcoin could face challenges maintaining its value. Key insights include: Bitcoin must break the $69,000 barrier to avoid a potential decline. Current trading value is around $67,033, with a market cap nearing $1.325 trillion. The rising prices of commodities like gold are attracting attention, which could correlate with Bitcoin’s price movements. Volatility is likely to persist as the combination of rising Treasury yields and political events play out. Traders are advised to stay vigilant as Bitcoin continues to confront selling pressure at the crucial $69,000 level. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/bitcoin-struggles-with-69000-resistance

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Filed under: News - @ October 23, 2024 4:23 pm