The post Bitcoin Faces Resistance, Retraces to $58K-$60K appeared on BitcoinEthereumNews.com.

Bitcoin has encountered substantial resistance at the $65,000 mark, resulting in a pullback to the $58,000-$60,000 range. This development has heightened uncertainty in the market, prompting investors to reassess their strategies. In the United States, macroeconomic indicators have bolstered expectations of a Federal Reserve rate cut, causing Bitcoin investors to focus on accumulation tactics. The crypto market, having experienced a relatively quiet week, now seeks positive triggers for a fresh rally. Bitcoin Struggles to Surpass $65,000 The recent performance of Bitcoin offers critical insights for market participants. Despite multiple attempts, Bitcoin was unable to breach the $65,000 threshold and subsequently fell back to the $58,000-$60,000 bracket. This decline erased some of the gains observed earlier in the week. Additionally, spot Bitcoin ETFs witnessed outflows for four consecutive days, with BlackRock’s IBIT ETF experiencing a $13.5 million outflow, a first since May. These movements suggest the market is in search of a new equilibrium. Access NEWSLINKER to get the latest technology news. What Will Influence Bitcoin’s Next Move? Macroeconomic factors also play a significant role. Recently, US personal consumption expenditures inflation figures came in below market projections, pushing the annual inflation rate down to 2.5%. This has led to increased speculation that the Federal Reserve might adopt a more dovish approach in the fourth quarter. Although stock markets, including the Dow Jones index, responded positively by reaching new highs, the impact on the crypto market was minimal. In the upcoming week, the focus will be on the US non-farm payroll data. If the figures are weak, the probability of a rate cut in September could rise. At present, the market is weighing a 25 basis point cut with a 33% likelihood and a 50 basis point cut with a 67% probability. The reaction of Bitcoin to these potential developments remains to…

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Filed under: News - @ August 31, 2024 6:26 am