Cryptocurrency

Bitcoin

Resistance

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-resistance-at-65000-and-retraces-to-58000-60000-range/" data-wpel-link="internal">Bitcoin Faces Resistance at $65,000 and Retraces to $58,000-$60,000 Range</a> 
Bitcoin faced resistance at $65,000, retracing to the $58,000-$60,000 range, increasing market uncertainty. In the US, macroeconomic data strengthened expectations of a Fed rate cut, leading Bitcoin investors to focus on accumulation strategies. After a quiet week in the crypto world, markets need positive catalysts for a new rally. 
<h2 style="text-align: justify" id="qcp-capital-comments-on-recent-developments-in-bitcoin-and-cryptos">QCP Capital Comments on Recent Developments in Bitcoin and Cryptos</h2> 
Cryptocurrency market developments provide important signals for investors. Bitcoin struggled to surpass the $65,000 level and retraced to the $58,000-$60,000 range. The decline caused some weekly gains to be lost. Spot Bitcoin ETFs experienced outflows for four consecutive days, with BlackRock’s IBIT ETF seeing a $13.5 million outflow for the first time since May. This indicates the market is seeking a new balance. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-384572 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/bitcoin-24.jpg" alt="" width="740" height="415"> 
On the macroeconomic side, US personal consumption expenditures inflation came in below market expectations. The annual inflation rate of 2.5% increased expectations that the Fed might adopt a dovish stance in the fourth quarter. Stocks reacted positively to this development, with the Dow Jones index hitting a new record. However, the impact on the <a href="https://en.coin-turk.com/m2-allows-uae-residents-to-trade-bitcoin-and-ethereum-using-bank-accounts/" data-wpel-link="internal">crypto market</a> remained limited. 
Expectations for the coming week are also closely related to the crypto market. If the non-farm payroll data in the US comes in low, the likelihood of a rate cut starting in September could increase. Currently, the market is considering a 25 basis point rate cut with a 33% probability and a 50 basis point rate cut with a 67% probability. However, Bitcoin’s reaction to these developments remains to be seen. 
<h2 style="text-align: justify" id="qcp-capital-reveals-accumulation-strategies">QCP Capital Reveals Accumulation Strategies</h2> 
As Bitcoin is expected to fluctuate between $58,000 and $65,000, accumulation strategies are coming to the fore. If the spot price remains below $68,000, buying Bitcoin at a 7.1% discount, or $55,000, is considered a sensible strategy. This strategy protects investors against market uncertainties while offering opportunities for potential gains. QCP Capital has set the maturity date to November 8, 2024, marking a period investors should watch closely. 
The market will need positive catalysts to break out of this range. However, for now, the cryptocurrency world continues to move sideways. During this period of uncertainty, Bitcoin investors should be cautious of both risks and opportunities. Ever-changing <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market conditions</a> necessitate the development of new strategies. The <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> of Bitcoin will largely depend on macroeconomic developments and market dynamics. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-resistance-at-65000-and-retraces-to-58000-60000-range/" data-wpel-link="internal">Bitcoin Faces Resistance at $65,000 and Retraces to $58,000-$60,000 Range</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-faces-resistance-at-65000-and-retraces-to-58000-60000-range/" data-wpel-link="internal">Bitcoin Faces Resistance at $65,000 and Retraces to $58,000-$60,000 Range</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Faces Resistance at $65,000 and Retraces to $58,000-$60,000 Range

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