Reserve

Bitcoin

Resistance

Rise

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-resistance-despite-positive-market-signals" data-wpel-link="internal">Bitcoin Faces Resistance Despite Positive Market Signals</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/record-inflows-into-bitcoin-etfs-mark-new-market-milestone" data-wpel-link="internal">Bitcoin</a> (BTC) remains below the $64,000 mark, and altcoins continue to struggle, reflecting a period of profit-taking that has left BTC unable to break resistance levels. Despite numerous positive developments, the cryptocurrency market is experiencing a prolonged period of consolidation. Data indicates that this phase may persist, suggesting ongoing disappointment among <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investors</a>.</p> 
<h2 id="reasons-bitcoin-struggles-to-rise">Reasons Bitcoin Struggles to Rise</h2> 
<p style="text-align: justify">Federal Reserve Chairman Jerome Powell’s optimistic comments and former President Trump’s endorsement of crypto have not propelled Bitcoin above $65,000. Since August 23, BTC has tested the $65,000 resistance twice without success, highlighting continued consolidation. Additionally, the completed Mt Gox sales have not significantly impacted Bitcoin’s price.</p> 
<h2 id="is-exchange-reserve-growth-a-barrier">Is Exchange Reserve Growth a Barrier?</h2> 
<p style="text-align: justify">CryptoQuant <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">data shows</a> a weekly increase of 2,000 BTC in exchange reserves, signaling weak buying pressure. This influx into exchange reserves is a notable impediment to the anticipated surge in cryptocurrency values. The lack of market momentum points to a critical obstacle preventing Bitcoin’s rise.</p> 
<h2 id="key-inferences-for-market-participants">Key Inferences for Market Participants</h2> 
<p style="text-align: justify"><strong>Actionable Insights:</strong></p> 
<ul> 
 <li>Monitor exchange reserves for signs of increased buying pressure before expecting a price surge.</li> 
 <li>Watch BTC liquidity indicators around $63,000 to $60,000 for potential downside risks.</li> 
 <li>Focus on historical quarterly data to identify profitable trading periods.</li> 
 <li>Track market sentiment via long and short ratios to gauge directional expectations.</li> 
</ul> 
<p style="text-align: justify">The Bitcoin liquidity indicator points to significant short position liquidations at $65,000, leading to a potential drop to clear accumulated long liquidations. Meanwhile, sentiment analysis reveals that 51.06% of current open positions are short, indicating persistent bearish expectations despite a recent 10% BTC price recovery.</p> 
<p style="text-align: justify">Historical data suggests that the third quarter typically sees modest gains for Bitcoin, averaging around 6%, while the fourth quarter tends to be more bullish with an 88% average gain. Investors generally find August and September less profitable compared to other months.</p> 
<p style="text-align: justify">A robust upward move within the next 30 days would defy historical trends, but given Bitcoin’s track record, it is not beyond the realm of possibility. Observers will need to keep a close eye on market dynamics and investor sentiment to navigate this challenging period.</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-resistance-despite-positive-market-signals" data-wpel-link="internal">Bitcoin Faces Resistance Despite Positive Market Signals</a></h5>

Bitcoin Faces Resistance Despite Positive Market Signals

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