Bitcoin’s price has been facing downward pressure, staying below the critical $60,250 level and hitting an intra-day low of $60,087. The market has become uneasy due to rising geopolitical tensions between Israel and Iran, causing the decline in Bitcoin’s price. Despite a recent strengthening in September, Bitcoin has struggled to hold its value above $65,000, with recent ETF outflows adding to bearish sentiment. Analysts caution that Bitcoin may not revisit its all-time high until mid-November, as global uncertainties continue to impact its price. With weakening U.S. PMI data signaling a slowing economy, the short-term outlook for Bitcoin remains cautious.
Bitcoin’s recent downtrend has reset key metrics, potentially setting it up for a Q4 rebound. Analysts believe Bitcoin may be undervalued, with the market value to realized value (MVRV) Z-score indicating room for growth. High open interest in futures is also showing strong market sentiment, which could support Bitcoin’s recovery. However, short-term risks remain, such as uncertainties surrounding the U.S. elections, which may create volatility. Despite recent price instability due to geopolitical tensions, long-term analysts remain optimistic about Bitcoin’s performance. While Bitcoin could see a significant Q4 rebound, short-term risks may impact its performance in the near future.
Bitcoin is currently trading near $60,710, reflecting a slight decline as it struggles to break above the 50-day Exponential Moving Average (EMA) at $62,110. Immediate resistance is seen at $60,980, with support at $60,130. Any dip below $60,130 could extend losses towards the $59,530 support level. The Relative Strength Index (RSI) is indicating bearish momentum and potential consolidation. Traders are advised to closely monitor these levels as Bitcoin’s direction remains uncertain amid market volatility. Resistance levels around $60,980 and $62,110 are crucial, with a break above signaling bullish momentum. Traders should exercise caution if support at $60,130 fails, as it could lead to deeper corrections.
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In conclusion, Bitcoin’s price remains under pressure due to geopolitical tensions and uncertainties surrounding the U.S. elections, impacting its short-term outlook. Despite potential undervaluation and liquidity support, short-term risks remain for the cryptocurrency. Traders should closely monitor key resistance and support levels to gauge Bitcoin’s direction amid market volatility. Additionally, Memebet Token provides an alternative investment opportunity for those looking to earn rewards by wagering meme coins in online casinos. It is crucial for investors to weigh the risks involved in crypto investments and make informed decisions based on thorough research and market analysis.
