Jerome Powell

Chair

Bitcoin

when

Optimism

<ul>
 <li>Bitcoin fell to $58,710 today, erasing yesterday’s gains of $61,184 with a 4% drop.</li>
 <li>Optimism over potential interest rate cuts by the U.S. Federal Reserve had briefly boosted Bitcoin prices.</li>
</ul>
Bitcoin (BTC) displayed another drop today, falling to $58,710 after briefly rallying to $61,184 yesterday. This decline wiped out all gains over the last 12 hours, marking a 4% decrease. This drop, although notable, isn’t as severe as the decline seen on August 28, when <a href="https://thenewscrypto.com/can-bitcoin-btc-break-free-from-the-bears-grip/" target="_blank" rel="noopener noreferrer nofollow">BTC fell</a> to $57,974—its largest drop since early August, when the price dipped to $49,844.
The bearish sentiment continues to dominate, with <a href="https://thenewscrypto.com/is-bitcoin-set-to-cross-the-70k-mark-soon/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin struggling</a> to recover above $65K this month. The asset’s highest price in the past 24 hours was $61,184, but it has since slipped lower, showing a current downward trend.&nbsp;
According to the analysts, this decline appears due to the recent sell-offs, macroeconomic uncertainties, and other market trends. Also, there’s caution in the market, with some analysts predicting that if BTC can’t overcome the current pressure, it might slide to $50,000. Additionally, the daily trading volume decreased by over 11% to $32.81 billion, as per CMC data.&nbsp;
<h3 class="wp-block-heading" id="h-can-bitcoin-overcome-recent-price-struggles">Can Bitcoin Overcome Recent Price Struggles?</h3>
Last week, Fed Chair Jerome Powell suggested that the central bank might lower interest rates soon, which generally boosts speculation and could potentially drive crypto prices higher.&nbsp;
Despite recent optimism driven by the easing of U.S. monetary policy, the cryptocurrency struggles to hold above $61,000. Last weekend, Bitcoin briefly touched $64,500 amid speculation about potential interest rate cuts by the U.S. Federal Reserve. Then BTC failed to hold it and dropped below $60,000.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="511" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-111-1024x511.png" alt="" class="wp-image-106851" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-111-1024x511.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-111-300x150.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-111-768x383.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-111.png 1302w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Despite Bitcoin’s drop to $58,710, there’s <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">still optimism</a>. If Bitcoin can break through the $62,000 level, it might lead to further gains, potentially reaching $65,000 and $68,000.
On the <a href="https://in.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">daily chart</a>, recent price action shows Bitcoin has been rejected at the 50-day and 200-day moving averages, $61.5K and $60.9K respectively.&nbsp;
Further, the Relative Strength Index (RSI) has dropped below 50%, indicating a shift in momentum toward the bearish side. With the current market structure, further declines to $56,300 and even $54,000 are possible if Bitcoin cannot regain strength.

Why Is Bitcoin Facing Challenges to Surpass $62K?

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