Greed

Bitcoin

James

BlackRock

<ul class="wp-block-list"> 
 <li>Bitcoin (BTC) trades at $57.8K, losing 0.53% in the last 24 hours.</li> 
 <li>BTC continues to stay within the fear zone in the market.</li> 
</ul> 
Bitcoin’s price performance has remained under pressure for the past few months. The largest asset’s crucial challenge is to break free from its narrow trading range of $50K to $60K.&nbsp; 
The ongoing market volatility blocks Bitcoin from making an upward movement. Over the past 24 hours, the asset has plunged by 0.53%. After reaching a peak of $58,534, it dropped to $57,354, suggesting the extended bear hold. At press time, BTC traded at $57,862, as per CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">data</a>. Consequently, BTC continues to be in the fear zone as the Fear and Greed Index stays at 32.&nbsp; 
Notably, the most anticipated Federal Reserve’s potential <a href="https://thenewscrypto.com/can-upcoming-fed-rate-cuts-spark-a-crypto-market-recovery/" target="_blank" rel="noreferrer noopener">rate cut</a>, the upcoming presidential election, and the crucial U.S. economic data might impact the BTC price. On the other hand, <a href="https://thenewscrypto.com/bitcoin-miners-struggle-soars-as-btc-hashrate-hits-record-high/" target="_blank" rel="noreferrer noopener">Bitcoin mining</a> wallets have witnessed a drop in supply since early 2024. However, a potential <a href="https://x.com/santimentfeed/status/1834464742196609346" target="_blank" rel="noreferrer noopener nofollow">rebound</a> could signal the beginning of the bull market.&nbsp; 
Recently, the investment giant BlackRock <a href="https://x.com/WatcherGuru/status/1834288830121484454" target="_blank" rel="noreferrer noopener nofollow">mentioned</a> that Bitcoin could act as a hedge in times of global instability and declining trust in traditional systems like governments, banks, and fiat currencies.&nbsp; 
<h3 class="wp-block-heading" id="h-when-will-btc-hit-its-new-high">When Will BTC Hit its New High?</h3> 
On the monthly chart, BTC price has witnessed a steady drop of 5.20%, forming a series of lows. A brief upside price correction was expected amid the volatility. Over the past seven days, the asset has witnessed a moderate spike of 2.22%, jumping from $56.5K to $57.9K.&nbsp; 
The current bearish momentum might trigger BTC to collapse to the $57K level. If the negative pace persists, a strong pullback could drive the price to $56,818. On the other hand, a revival above the current price brings a retest, and BTC might escalate toward $59,064.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf9uMy--QPXsoPHfjh3SyxlpmDwmhIwNoVVUJLDesx9LSklS8YBEbME-nNkcUbBXXbOOVdG6niq4CTbNCNdRFTvY5T8_3p92cKQL-MrV646TvC8HeTanu424JpOXVjTakIfyeQLlQl3Q_a5hH7qUGPMW3Iu?key=bHSTeJEbSMn6v0IsNrOktA" alt="">
 <figcaption class="wp-element-caption">
 BTC price chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div> 
The technical analysis indicates that the daily Relative Strength Index (RSI) is positioned at 56.82 in the neutral zone. Moreover, the short-term 50 MA is noted at $56,169 above the current price momentum. While the long-term 200 MA is found below the current price at $59,043.&nbsp; 
Highlighted Crypto News 
<a href="https://thenewscrypto.com/amarnath-founder-james-fickel-swaps-11m-in-eth-for-wbtc/" target="_blank" rel="noreferrer noopener">Amarnath Founder James Fickel Swaps $11M in ETH for WBTC</a>

Bitcoin Faces Struggles to Rebound Amid Bearish Market Pressure

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