Bitcoin Price Hits $64,000 as Eurozone PMIs Miss, Traders Eye U.S. Data for Next Move

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

September 23, 2024

Eurozone and UK PMI data missed forecasts, causing market unease and shifting attention to upcoming U.S. PMI figures. As Bitcoin price tests a one-month high, traders anticipate potential volatility in both fiat and crypto markets.

Elon Musk’s recent meeting with El Salvador’s president also draws attention to Bitcoin’s expanding role in global finance, as key support and resistance levels come into focus.

Euro and UK PMI Data Misses, US PMI Awaited Amid Bitcoin Surge

As Eurozone and UK PMI data fall below expectations, global markets, including cryptocurrencies, are on alert. French and German manufacturing PMIs dipped to 44.0 and 40.3, respectively, raising concerns over broader economic stability.

As traders await the U.S. PMI data, set to impact traditional currencies, cryptocurrencies like Bitcoin could see increased volatility, depending on how the data shapes expectations around inflation and rate cuts.

Bitcoin Surges While Japan’s Vacation Leaves Other Currencies Steady

Following the Federal Reserve’s significant interest rate decrease last week, Bitcoin continued to surge on Monday, reaching a one-month high. At more than $63,818, it was up 0.39%. As Japan’s markets were closed for a vacation, the yen and other major currencies held steady.

The Bank of Japan’s decision to keep its interest rates unchanged helped strengthen the U.S. dollar, pushing it up to 144.08 against the yen. The anticipated rate cuts from the Fed, combined with gains in commodities and equities, have contributed to Bitcoin’s upward momentum. The U.S. dollar index also rose slightly, holding steady at 100.8.

Bitcoin’s continued rise reflects increased demand for riskier assets as investors look toward cryptocurrencies amid expectations of further U.S. interest rate reductions. This shift indicates a growing interest in alternatives to traditional currencies as the global financial landscape evolves.

Elon Musk Meets El Salvador’s President Amid Bitcoin Rally

As Bitcoin continues its price rally, Elon Musk recently revealed details of a private conversation with President Nayib Bukele of El Salvador, a prominent advocate of the cryptocurrency.

During their discussion, which touched on the “future of humanity” and the role of technology, Musk—known for his influence in the crypto space—steered clear of directly mentioning Bitcoin.

Bukele, who made headlines in 2021 by adopting Bitcoin as legal tender, acknowledged that the country’s level of Bitcoin adoption has been challenging but remains optimistic, calling it a “net positive.”

He also highlighted key initiatives, such as Bitcoin-backed bonds and a citizenship program for overseas investors. Meanwhile, Tesla, led by Musk, now holds nearly 10,000 bitcoins, benefiting from the cryptocurrency’s rising value.

Musk’s ongoing involvement in the cryptocurrency space, paired with his high-profile meeting with Bukele, could further boost Bitcoin’s credibility and attract new investors. As market confidence builds around such influential endorsements, the potential for further price increases remains strong.

Following the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points last week, Bitcoin has been trading at around $64,000, marking its highest point in nearly a month. The Fed’s rate cut—its first in four years—provided a lift to both traditional risk assets like stocks and cryptocurrencies, fueling further market optimism.

Bitcoin Price Outlook: Support and Resistance Levels

Bitcoin is trading at $63,420, down 0.22%, consolidating within a tightening range. The price remains above the 50-day EMA at $62,734, indicating potential upward momentum, though the RSI sits at 53, suggesting a neutral bias.

Immediate resistance is seen at $64,419, with further levels at $65,536 and $67,329 presenting key targets for bullish continuation.

A break above the $62,381 pivot point could signal a bullish reversal, while failure to hold this level may lead to a bearish shift. Support is expected at $61,287 and below.

Additionally, a bearish tweezer top formation near $64,500 raises caution for potential downside moves.

• Key Levels to Watch: Bullish above $62,381, bearish below this level.
• RSI Neutral: At 53, indicating indecision in market momentum.
• Support & Resistance: immediate resistance at $64,419, with support at $61,287.

Bitcoin remains poised for directional moves depending on a breakout above or below key technical levels.

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