The post Bitcoin Price Nears $66K: Rally or Bull Trap? appeared on BitcoinEthereumNews.com.

Bitcoin is making headlines again as it inches closer to the $66,000 mark, hinting at a potential breakout after being stuck in a range for nearly seven months. Many investors are wondering: Is this the beginning of a massive rally that could push Bitcoin to $80,000? Or is it just another false alarm, setting up a bull trap? In this Bitcoin Price Prediction article, we’ll explore the signs pointing to a potential price surge, what could be driving this move, and what it means for Bitcoin investors. How has the Bitcoin Price Moved Recently? BTC/USD Daily Chart- TradingView  Bitcoin is currently priced at $65,582, with a 24-hour trading volume of $75.54 billion. Its market cap stands at $1.30 trillion, giving it a market dominance of 56.11%. Over the past 24 hours, the price of BTC has seen a slight decline of 0.62%. Bitcoin reached its peak value on March 14, 2024, hitting an all-time high of $73,628. The lowest recorded price was back on July 17, 2010, when it traded at just $0.05. Since the ATH, the lowest point has been $49,436 (cycle low), and the highest rebound since then was $66,381 (cycle high). Currently, the sentiment around Bitcoin’s price forecast is bullish, with the Fear & Greed Index showing a value of 63, indicating ‘Greed’. The circulating supply of Bitcoin is 19.76 million BTC, against a maximum supply of 21 million BTC. Over the past year, the supply inflation rate was 1.34%, resulting in the creation of 260,916 new BTC. Is Bitcoin Price Displaying A Bullish Surge or a Temporary Spike? BTC/USD 1 Hr Chart- TradingView  Bitcoin’s recent upward momentum suggests a bullish surge driven by macroeconomic factors influencing the global financial landscape. The Federal Reserve’s decision to cut interest rates by 50 basis points has played a significant…

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Filed under: News - @ September 29, 2024 6:09 am