Bitcoin begins the week with a push toward its resistance level of $65,000.
Bitcoin is going to hit its major resistance level this week as BTC price gains flip October green again.
5 Important Things to Know as BTC Heads to $70,000
- Last week’s $60,000 mark has been considered as the dip since traders eye the price of $65,000 reaching sooner or later.
- Slowly but steadily, Bitcoin has been progressing after the lengthy consolidation period, which increases the buyers’ strength and confidence.
- The earnings season of the US kicks off this fortnight as markets absorb the news of rate cuts by the Federal Reserve and presidential elections.
- The interest of retailers is still perceptible in this cycle, making it different from historical trends.
- ETF investors were also very watchful about mixed flows last week as per broader market indecision.
BTC price prepares the stage for a $70K journey
Various analysts opined that BTC may touch the levels of $65,000 resistance in lower time periods. It may touch the levels of $70,000 in the coming weeks before the US elections since its consolidation period seems to be over.
Slowly but steadily, Bitcoin resistance eroding
After the consolidation phase of nearly 8 long months, Bitcoin has rebounded to test its all-time highs but it is still a million-dollar question for many investors as they think it will reach all its levels one by one.
Consequently, when it crosses the $65k mark, the hurdle for the bulls will be cleared. But the level of its resistance has become a threat for some analysts. What if it does not go there? What if it falls back again?
The price action would dispense with the resistance once and for all and it may continue toward its next zone of interest at $66,000 and then further to $70,000.
Bitcoin is now fighting its August highs again and there’s a pretty fair chance that it will break. A break beyond its August highs would ignite a move to the top of the Downtrend Channel.
Impact of Fed rate cuts and earnings season
After last week’s news of US macro data points, jobless data, and earnings season now the main focus shifts to elections as they draw nearer.
Jobs data created a troubling situation for the Federal Reserve, which is now handling both rising unemployment and inflation gauges.
Around 10% of S&P 500 firms will share the report earnings this week.
Bitcoin retail interest “more dented” this cycle
Retail participation is the key factor in volume and less volatility. New data suggests a nuanced comeback of BTC when it tests the level of $70,000.
Since BTC started surging in early 2024, many arguments have arisen about whether retailers and newcomers have re-entered the market or not. The answer is nuanced as time will tell who will be the winner.
ETF flows emphasize market nerves
The past week has been quite good for ETF net outflows. The big money has pumped over $80 million in this month already. Let’s hope for the best that it will turn the tables in the global market for market investors.
