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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin (BTC) has held steady around $68,000, even as mixed market signals and pre-election uncertainty weigh on sentiment.
Fundstrat’s Tom Lee remains optimistic, forecasting a market rally into 2025 that could support risk assets like Bitcoin. Currently, the global crypto market cap stands at $2.24 trillion, reflecting a 0.47% dip over the past 24 hours.
The looming U.S. election and factors like Trump’s fading odds, weaker-than-expected payroll data, and a recent $2.2 billion Bitcoin transfer by Mt. Gox are creating caution in the market.
Despite this volatility, past trends suggest that Bitcoin often stabilizes post-election, making recent dips appear temporary.
Bullish Sentiment from Tom Lee Could Influence Bitcoin Demand
Fundstrat’s Tom Lee maintains a positive outlook for markets, believing that the stock market—and Bitcoin—could see gains toward the end of 2024, regardless of the election outcome.
Lee emphasized on CNBC that the current investor retreat into cash due to election uncertainty will likely reverse post-election.
Strong economic fundamentals, favorable earnings, and a supportive Federal Reserve stance underlie his outlook.
Lee also referenced Warren Buffett’s recent $10.5 billion reduction in major bank shares, speculating that Buffett may reinvest in markets as lower rates reduce the appeal of holding cash. This potential shift could support demand for Bitcoin as investors seek growth assets.
Mt. Gox’s Bitcoin Transfers Heighten Sell-Off Fears
Adding to market dynamics, Mt. Gox moved 32,371 Bitcoin (worth approximately $2.19 billion) across multiple wallets recently, sparking concerns over sell-offs.
As Mt. Gox works toward creditor repayments, the massive transfer and ongoing delays (with the final repayment date now set for October 31, 2025) have added volatility.
ollowing the news, Bitcoin briefly dipped to $66,896 before recovering to $68,661.
Concerns remain that Mt. Gox creditors, who hold Bitcoin at historically lower valuations, may sell at these higher levels, potentially leading to further market fluctuations.
Bitcoin Faces $69K Resistance Amid Market Hesitation
Bitcoin (BTC/USD) is currently trading around $68,745, slightly down as it struggles to break above a critical resistance level at $69,000.
The downward trendline continues to exert resistance near $69,000, acting as a barrier to further gains.
The 50-day EMA at $68,958 reinforces this resistance, limiting BTC’s upward movement. A double top formation around $68,850 further intensifies selling pressure, creating a significant hurdle.
The RSI stands near 52, signaling indecision. The recent formation of Doji candles below the EMA line suggests hesitation in the market, often a precursor to potential sell-offs.
Immediate support is located at $68,200, followed by deeper levels at $67,450 and $66,800, while a breakout above $69,000 could signal renewed bullish momentum.
Key Insights:
- Downward Trendline Resistance: Key resistance remains near $69,000.
- EMA Barrier: The 50-day EMA is capping gains below $69,000.
- Double Top Hurdle: Double top pattern around $68,850 suggests a challenging resistance level.
Bitcoin’s technical indicators lean bearish, suggesting the asset may face further selling pressure if it fails to break above current resistance levels.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
