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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-resistance-retraces-to-58k-60k" data-wpel-link="internal">Bitcoin Faces Resistance, Retraces to $58K-$60K</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/south-korea-maintains-ban-on-crypto-backed-etfs-despite-us-approval" data-wpel-link="internal">Bitcoin</a> has encountered substantial resistance at the $65,000 mark, resulting in a pullback to the $58,000-$60,000 range. This development has heightened uncertainty in the market, prompting investors to reassess their strategies. In the United States, macroeconomic indicators have bolstered expectations of a Federal Reserve rate cut, causing Bitcoin investors to focus on accumulation tactics. The crypto market, having experienced a relatively quiet week, now seeks positive triggers for a fresh rally.</p> 
<h2 id="bitcoin-struggles-to-surpass-65-000">Bitcoin Struggles to Surpass $65,000</h2> 
<p style="text-align: justify">The recent performance of Bitcoin offers critical insights for market participants. Despite multiple attempts, Bitcoin was unable to breach the $65,000 threshold and subsequently fell back to the $58,000-$60,000 bracket. This decline erased some of the gains observed earlier in the week. Additionally, spot Bitcoin ETFs witnessed outflows for four consecutive days, with BlackRock’s IBIT ETF experiencing a $13.5 million outflow, a first since May. These movements suggest the market is in search of a new equilibrium.</p> 
<h2 id="what-will-influence-bitcoin-s-next-move">What Will Influence Bitcoin’s Next Move?</h2> 
<p style="text-align: justify">Macroeconomic factors also play a significant role. Recently, US personal consumption expenditures inflation figures came in below market projections, pushing the annual inflation rate down to 2.5%. This has led to increased speculation that the Federal Reserve might adopt a more dovish approach in the fourth quarter. Although stock markets, including the Dow Jones index, responded positively by reaching new highs, the impact on the crypto market was minimal. </p> 
<p style="text-align: justify">In the upcoming week, the focus will be on the US non-farm payroll data. If the figures are weak, the probability of a rate cut in September could rise. At present, the market is weighing a 25 basis point cut with a 33% likelihood and a 50 basis point cut with a 67% probability. The reaction of Bitcoin to these potential developments remains to be observed.</p> 
<h2 id="accumulation-strategies-revealed">Accumulation Strategies Revealed</h2> 
<p style="text-align: justify">As Bitcoin is expected to oscillate between $58,000 and $65,000, accumulation strategies are gaining traction. For instance, purchasing Bitcoin at a 7.1% discount, or $55,000, when the spot price stays below $68,000 is viewed as a prudent approach. This method shields investors from market uncertainties while providing opportunities for potential profit. QCP Capital has earmarked November 8, 2024, as a crucial date for these strategies.</p> 
<p style="text-align: justify">Bitcoin investors should pay attention to the following actionable insights:</p> 
<ul> 
 <li>Consider buying Bitcoin at a discounted price if it remains below the $68,000 level.</li> 
 <li>Monitor macroeconomic indicators, particularly US inflation and payroll data, which could influence liquidity conditions.</li> 
 <li>Stay updated on ETF outflows, as they can signal broader market trends and investor sentiment.</li> 
</ul> 
<p style="text-align: justify">For Bitcoin to break free from its current range, the market will need positive catalysts. In the interim, the cryptocurrency sector remains largely static. Investors must be wary of both risks and opportunities as the ever-evolving market landscape necessitates the crafting of novel strategies. The <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">future trajectory</a> of Bitcoin will significantly hinge on macroeconomic factors and prevailing <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">market conditions</a>.</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-retraces-to-58k-60k" data-wpel-link="internal">Bitcoin Faces Resistance, Retraces to $58K-$60K</a></h5>

Bitcoin Faces Resistance, Retraces to $58K-$60K

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