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Bitcoin’s been stuck. This week, it couldn’t push past $65,000 and fell back to the $58,000 to $60,000 range. Last week’s gains? Gone. Market watchers saw this coming, especially with four straight days of Bitcoin spot ETF outflows.&nbsp; 
Even BlackRock’s IBIT recorded a $13.5 million outflow — its first in nearly four months. The sentiments aren’t overtly positive, but it’s not a disaster either. 
Why is this happening? Blame the macro environment. The U.S. inflation numbers came in a bit softer than expected — 2.5% year-over-year instead of the 2.6% that analysts were predicting.&nbsp; 
<img loading="lazy" decoding="async" class="wp-image-581831 aligncenter" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-31_12-54-05.png" alt="This Is Why Bitcoin Will Remain in the $58,000-$65,000 Range" width="666" height="272" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-31_12-54-05.png 2108w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-31_12-54-05-300x122.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-31_12-54-05-1200x490.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-31_12-54-05-768x313.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-31_12-54-05-1536x627.png 1536w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-31_12-54-05-2048x836.png 2048w" sizes="(max-width: 666px) 100vw, 666px"> 
That nudges the Federal Reserve towards a dovish stance in the next quarter. Equities are soaring, with the Dow hitting a record high, but Bitcoin seems unmoved by all this. It’s like the crypto market is just waiting for something big to happen before it moves. 
The upcoming Non-Farm Payroll (NFP) report might do something, though. If the numbers come in weaker than expected, it could make a strong case for a U.S. rate cut in Q4. The odds? About 33% for a 25 basis point cut, and 67% for a 50 basis point cut. But again, what does it do for Bitcoin? Hard to say. 
Analyst Matthew Hyland thinks Bitcoin needs to make a “higher high” to stay in its current uptrend. He points out that: 
<blockquote>
 “We really need to start to bounce out of this and make a higher high to further confirm that we are in this uptrend that we’ve been in since August.”&nbsp;
</blockquote> 
It’s not all bad either. If Bitcoin falls below $57,700, it needs to hold at $56,000. “If we were to lose this $56K level, that would be a lower low,” Matthew added. 
Matthew also mentioned that since August, Bitcoin has been in a cycle of “higher lows and higher highs.” But this pattern isn’t foolproof. Both July and August started with some serious pullbacks, showing how volatile the market can get.&nbsp; 
<img loading="lazy" decoding="async" class="wp-image-581829 aligncenter" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-31-at-12.52.14.jpg" alt="This Is Why Bitcoin Will Remain in the $58,000-$65,000 Range " width="654" height="364" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-31-at-12.52.14.jpg 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-31-at-12.52.14-300x167.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-31-at-12.52.14-1200x668.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-31-at-12.52.14-768x428.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-31-at-12.52.14-1536x855.jpg 1536w" sizes="(max-width: 654px) 100vw, 654px"> 
And with the election looming, things aren’t going to get less chaotic. Matthew <a href="https://x.com/MatthewHyland_/status/1829677987928936508" rel="nofollow" target="_blank">predicts</a> we’ll “see some chop” leading up to the election, meaning more of this back-and-forth action we’re stuck in now. 
Historically, September has always been the worst month for Bitcoin. No big moves, just sideways action. If you’re hoping for a breakout, you might be waiting a while. 
At press time, Bitcoin is trading at $59,141 — right in the middle of the range. It’s a waiting game, and patience is the name of it.&nbsp;

Why Bitcoin will remain in the $58,000-65,000 range

Cryptopolitan_News

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