bullish

Jerome Powell

Bitcoin ETF

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-70000-resistance" data-wpel-link="internal">Bitcoin Faces $70,000 Resistance</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/tim-draper-explores-bitcoins-advantages-over-conventional-money" data-wpel-link="internal">Bitcoin</a> (BTC) concluded July with a dragonfly Doji candlestick, suggesting that bullish momentum met significant resistance at the $70,000 level. Over the past two weeks, the cryptocurrency’s weak performance has triggered concerns about potential further corrections in the market throughout August.</p> 
<h2 id="what-caused-the-market-decline">What Caused the Market Decline?</h2> 
<p style="text-align: justify">Following Bitcoin’s price drop, the Fear and Greed Index shifted from a “greed” score of 74 to a “neutral” score of 52, highlighting a change in market sentiment. The altcoin market mirrored this downward trend, contributing to a 3% reduction in the total cryptocurrency market value, now approximately $2.41 trillion. In conjunction with the market’s fall, around $200 million in leveraged positions were liquidated, predominantly from traders with long positions.</p> 
<h2 id="what-triggered-bitcoin-s-price-drop">What Triggered Bitcoin’s Price Drop?</h2> 
<p style="text-align: justify">The downward trend in Bitcoin’s price was precipitated by the release of significant economic data on Wednesday. Federal Reserve Chairman Jerome Powell reported a decrease in inflation over the past year, but noted it remains high. Although the Fed maintained the benchmark <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">interest rate</a> at 5.50%, there is potential for a rate cut in September if inflation continues to drop. Additionally, Fidelity’s spot Bitcoin ETF (FBTC) experienced a net outflow of $31 million, while Grayscale transferred $1.8 billion from GBTC to Mini Bitcoin Trust via Coinbase Prime.</p> 
<h2 id="key-inferences-for-investors">Key Inferences for Investors</h2> 
<ul> 
 <li>Monitor Bitcoin’s $60,000 to $62,000 support zone; a breach could lead to a drop to $48,000.</li> 
 <li>Watch market sentiment indicators like the Fear and Greed Index for potential trend changes.</li> 
 <li>Stay updated on economic <a href="https://newslinker.co" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">announcements</a>, especially those from the Federal Reserve.</li> 
 <li>Consider safe-haven strategies and risk management to navigate market volatility.</li> 
</ul> 
<p style="text-align: justify">As Bitcoin continues to grapple with resistance at $70,000, investors and traders should remain vigilant. The formation of a daily reversal pattern and a double top, coupled with a declining Relative Strength Index (RSI), indicate potential further declines. Close attention to market signals and prudent investment strategies will be critical during these uncertain times in the cryptocurrency market.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-70000-resistance" data-wpel-link="internal">Bitcoin Faces $70,000 Resistance</a></h5>

Bitcoin Faces $70,000 Resistance

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