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Bitcoin Holds Support Above $60K, Pushes Back Toward All-Time High
Upside momentum is improving with seasonal strength in the fourth quarter.
Updated May 11, 2023, 4:29 p.m. Published Oct 29, 2021, 5:41 p.m.
Bitcoin is breaking above a short-term downtrend, which could support further upside toward the $65,000 resistance level. The all-time high around $66,900 is also within reach, although buyers struggled to sustain that level last week.
BTC has whipsawed over the past few days, which created choppy trading conditions. This is typical during a consolidation phase, especially after a near-50% price rally over the past month.
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As of press time the largest cryptocurrency by market capitalization was changing hands around $62,500, up 2.4% over the past 24 hours.
The relative strength index (RSI) on the daily chart is rising from neutral levels, which means the pullback in BTC’s price is starting to stabilize. However, the weekly RSI is approaching overbought levels, which typically precedes a pullback in price.
Overall, upside momentum is improving with seasonal strength in the fourth quarter. A confirmed breakout (two consecutive daily closes) above the all-time high would yield a measured move projection toward $86,000. On the other hand, an immediate price pullback could be limited around the $53,000 support level.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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