Bitcoin

Strong

when

Resistance

Time

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin traders capitalize on gains as BTC tests $64K resistance level, leading to a recent dip in price.</li> 
 <li>Historical data suggests a recurring pattern of profit-taking as resistance levels are tested, with high USDT inflows signaling potential buying pressure.</li> 
</ul>  
<p>Bitcoin traders recently made significant gains when <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> tested the $64K resistance level. This resulted in a price dip, leading many to question whether it’s the right time to buy. </p> 
<h2 id="bitcoin-s-resistance-at-64k">Bitcoin’s Resistance at $64K</h2> 
<p>BTC faced strong resistance at $64K, causing a price drop of 5.55% in 24 hours to trade at $59,532. This dip came after a surge in economic optimism due to expected rate cuts, leading to speculation that traders are positioning themselves to capitalize on the next dip. </p> 
<p>Following a bearish clash in early August, bulls are aiming for a rebound to push Bitcoin past the previous $70K resistance. However, breaking through $60K now seems challenging. </p> 
<h2 id="traders-strategic-positioning">Traders’ Strategic Positioning</h2> 
<p>Historical data shows a recurring pattern of traders cashing in on gains after bullish rallies. For example, after a rally pushed BTC near $70K on July 29, USDT net outflows surged to $330 million, signaling profit-taking. </p> 
<p>Similarly, at the end of August, traders locked in two-week profits as BTC broke through the $62K support level, leading to a price dip. This trend of profit-taking becomes apparent as resistance levels are tested. </p> 
<p>A prominent crypto analyst recently forecasted $64K as the next resistance level for BTC. The price dipped when it reached this level, showing traders were ready to lock in their gains. </p> 
<h2 id="high-usdt-inflows">High USDT Inflows</h2> 
<p>After BTC last closed above the $64K mark on August 24, $69 million in Tether flowed out of exchanges, indicating profit-taking. However, USDT inflows have since regained control, indicating renewed interest and potential buying pressure. </p> 
<p>Tether network recently saw a 5-month high with over 31.3K new wallets created in a single day. This rise, combined with stable BTC and <a href="https://coineagle.com/price/ethereum/">Ethereum (ETH)</a> wallet numbers, suggests new money is entering the crypto market, indicating more traders are buying the dip. </p> 
<p>However, caution is advised as open interest has yet to recover, with bulls losing $100 million due to long position liquidations. Strong whale activity could be the key to recovering these losses. </p>

Is Now the Right Time to Invest? Bitcoin Dips Below $60K Yet Again!

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CoinEagle.com

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