Cryptonews Price Analysis

Can Bitcoin Break 65k Today? Fed Pivot and ETF Activity Suggest So

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Arslan Butt

Crypto Writer

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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:

August 26, 2024

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Bitcoin is once again approaching the $65,000 mark, a level it hasn’t touched in nearly three weeks. This resurgence is largely driven by renewed interest in U.S. exchange-traded funds (ETFs) focused on Bitcoin, coupled with signals from the Federal Reserve indicating a potential shift toward a more accommodative monetary policy.

On Friday, Federal Reserve Chair Jerome Powell hinted that the central bank might soon lower its benchmark interest rates, which are currently at a two-decade high. This prospect of increased liquidity has buoyed global markets, including Bitcoin.

The announcement led to a significant $252 million net inflow into U.S. spot Bitcoin ETFs on the same day, the highest in over a month.

These ETFs have now seen seven consecutive days of inflows, underscoring growing investor confidence.

Technical Outlook: Key Levels to Watch for Bitcoin

Currently trading at $63,400, Bitcoin (BTC/USD) is facing strong resistance near the $65,000 level, a critical psychological threshold reinforced by a double-top pattern on the 4-hour chart.

The presence of several Doji candles just below this resistance suggests that the uptrend may be losing steam. If Bitcoin fails to break through this level, a bearish correction could be imminent.

In the event of a price reversal, immediate support is expected around $62,600. Should the price dip further, the next key support level is near $62,000.

This level is particularly important as it aligns with an upward trendline, offering additional buying interest.

The 50-day Exponential Moving Average (EMA), currently at $62,100, also supports this trend, adding another layer of strength to this support zone.

Market Sentiment and Strategic Considerations

The Relative Strength Index (RSI) is currently at 54, indicating neutral momentum with potential for movement in either direction.

Given these conditions, investors might consider buying Bitcoin if it remains above the $62,000 support level, as this area offers solid backing.

Conversely, if Bitcoin struggles to break past the $65,000 resistance, selling might be a prudent strategy, as the resistance could trigger a further decline.

ETF Activity: $252 million net inflow into U.S. spot-Bitcoin ETFs
Key Resistance: $65,000, reinforced by a double-top formation
Immediate Support: $62,600, with next support at $62,000

As Bitcoin teeters near this crucial level, all eyes remain on the Fed’s upcoming decisions and ETF activity, both of which will play a pivotal role in determining whether Bitcoin can finally break through $65,000.

Bitcoin Adoption Accelerates as New Crypto Platform Raises $730,000 in Presale

As Bitcoin’s momentum continues to rise, a new crypto project is gaining attention with a successful $730,000 presale launch.

With a $13.5 billion market cap, Bitcoin remains a dominant force in the crypto world, often hailed as the “digital gold” of the blockchain ecosystem.

Leveraging Bitcoin’s influence, the newly launched platform, Crypto All-Stars, is transforming the staking landscape by integrating Bitcoin with popular meme coins.

Although Bitcoin itself isn’t a meme coin, its market impact is significant, and projects like Crypto All-Stars are harnessing this by offering innovative staking opportunities for Bitcoin holders alongside meme coins.

Since its launch last week, Crypto All-Stars has attracted substantial interest, raising $730,000 during its presale. The project’s strategic token allocation aims to support growth and sustainability, making it an attractive option for investors.

If you’re a meme coin holder looking to maximize your investment, Crypto All-Stars offers a compelling alternative to Sun Wukong. Visit the website to purchase $STARS with ETH, USDT, BNB, or even by card.

Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all their development plans.

Join the Presale Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.