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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin price has slipped below key support levels, trading around $66,540, as the market faces growing selling pressure. The break below the $67,000 pivot point signals increased downside risks, with technical indicators suggesting further declines.
Investors are closely monitoring the next support at $65,970, while broader regulatory developments and economic factors, including the Federal Reserve’s outlook, continue to shape the cryptocurrency’s short-term market movements.
SEC Chair Gensler Marks Bitcoin’s 16th Anniversary, Reaffirms Regulatory Focus
SEC Chair Gary Gensler acknowledged Bitcoin’s 16th anniversary in an October 22 interview with Bloomberg. He called the October 31, 2008, white paper release a “sweet sixteen.”
Gensler praised Bitcoin’s success but reiterated the SEC’s commitment to regulating digital assets through “regulation by enforcement” to protect investors.
Despite some Republican candidates promising to dismiss him if elected, Gensler did not comment on how the 2024 U.S. elections might affect his role.
Key Points:
- The SEC aims to prioritize cryptocurrency regulation by 2025.
- Gensler’s strict approach to the crypto industry continues to face criticism.
- Bitcoin’s price has risen over 6% in the past 30 days despite regulatory challenges.
Gensler’s remarks assure the market that the SEC will continue its regulatory stance.
Tesla Retains $780M in Bitcoin After Transfers, Calming Investor Fears
Despite transferring 11,509 Bitcoins, Tesla still holds $780 million in Bitcoin, according to blockchain analytics firm Arkham Intelligence. On October 15, Tesla split its Bitcoin into seven new wallets, with the two largest receiving $142.2 million and $128.1 million.
No further transfers have occurred since, easing fears of a market sell-off. In fact, Bitcoin’s price initially rose 5% to $69,220 before slightly dropping to $67,600 after the transactions.
Key Points:
- Tesla’s Bitcoin holdings remain unchanged despite transfers.
- Some speculate Tesla may use its Bitcoin for loans.
- Tesla stores its Bitcoin with Coinbase Prime Custody.
This news has reassured investors and stabilized Bitcoin prices amid concerns of a potential market dump.
CFTC Faces Pressure to Regulate Cryptocurrency and Election Betting Contracts
A court ruling allowing contracts for betting on election outcomes has increased pressure on the U.S. CFTC. Chairman Rostin Behnam noted that the CFTC would now need to regulate these contracts, requiring additional resources.
He emphasized that the CFTC is already stretched thin due to the rising number of assets, including cryptocurrencies.
Key Points:
- CFTC appeals ruling permitting election betting contracts.
- Behnam warns of resource strain due to new regulations.
- Cryptocurrency oversight remains a critical focus for the CFTC.
Stricter regulation could create short-term market volatility, but clearer rules may eventually lead to greater stability and adoption of cryptocurrencies like Bitcoin.
Fed Outlook Lifts Dollar to 2.5-Month High, Weighs on Yen and Bitcoin
The U.S. dollar hit a 2.5-month high as investors revised interest rate expectations, favoring a smaller 0.25% cut in November. Strong U.S. economic data pushed the yen to its lowest in three months and raised U.S. Treasury yields.
Key Points:
- Dollar index up over 3% this month.
- Yen weakens as U.S. rate outlook shifts.
- Bitcoin fell 0.3% amid rising Treasury yields.
Analysts predict the dollar may rise further if Republicans win the U.S. election but could dip if Kamala Harris prevails.
Bitcoin Price Breaks Below Key Support Levels, Eyes $66,000 as Downside Risks Grow
Bitcoin (BTC/USD) is currently trading at $66,540, showing signs of bearish pressure as it breaks below a critical upward trendline on the 4-hour chart.
The price has fallen beneath the pivot point at $67,080 and is now hovering just under the 50-day Exponential Moving Average (EMA) of $67,030.
This technical move below key support levels indicates that Bitcoin is facing growing downside risks in the near term.
Immediate support is now at $65,970, and if Bitcoin breaks this level, the next significant supports are at $65,200 and $64,520.
On the upside, Bitcoin would need to reclaim $67,880 to regain bullish momentum. If prices can move above this resistance level, further targets are $68,760 and $69,540.
From a momentum perspective, the Relative Strength Index (RSI) has dropped to 35, suggesting that Bitcoin is approaching oversold conditions.
This could signal a potential short-term rebound, though the bearish trend remains dominant.
With the RSI weakening and price action below both the pivot point and 50 EMA, Bitcoin’s technical outlook remains bearish unless there is a strong recovery above $67,000.
Conclusion:
Sell below $67,000 as Bitcoin’s break beneath key technical levels suggests further downside risks. Traders should watch for support at $65,970, with further declines possible if this level does not hold.
Key Insights:
- Bitcoin has broken below its $67,080 pivot point and 50 EMA.
- RSI nearing oversold levels at 35, indicating potential bearish continuation.
- Key support levels are $65,970 and $65,200, while resistance stands at $67,880.
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