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Bitcoin showed signs of slowing down after the Fed announced a rate cut. Despite peaking at $64,121, it still failed to clear the crucial $65,000 mark. Currently stable around $62,700, traders are keeping a close eye on this critical level, which appears to be the tipping point for another big upside move. Experts agree that until this resistance is broken, it is difficult to predict a real revival of the energy of the cryptocurrency king.
Bitcoin: Resistance at $65,000 slows the pace
THE $65,000 limit is seen by many analysts as a a real wall to overcomedespite $55 billion invested in bitcoin ETFs this year. According to Daan Crypto Trades “ the $65,000 threshold represents a key point in terms of liquidity and could trigger a real upside breakout in the market “.
Really, Demand for Bitcoin remains strong on crypto exchanges such as Binancebut this is still not enough to break this key resistance. Market volatility appears to be centered around this area sideways trend which may last several days.
Additionally, this is signaled by sell orders piled up just below this linea large number of investors are ready to take profits once the price goes up.
Here are some numbers to remember:
– $65,000: level to be broken;
– $64,121: last recorded high;
– $62,700: current price.
Those who waited post-FED price explosion will have to wait a bit longer as technical indicators do not indicate an imminent breakout.
Crypto: consolidation before the storm?
The crypto market as a whole is experiencing the consolidation phase after the recent upheavals caused by a drop in rates. If Bitcoin struggles to break $65,000, other cryptocurrencies will suffer a similar fate.
Institutional investors continue to closely monitor the market, waiting for clear signals before massive re-engagement. However, analysis shows that there is potential for a recovery in the coming days, especially if the phenomenon of FOMO (Fear of Missing Out) is beginning to spread among global investors.
It should also be noted that trading volumes remain moderatewhich suggests that most traders are waiting and watching for trends in the US and Asian markets.
Even with Bitcoin at $62,000, long-term investors remain calm. No HODLer is at a loss at this time.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.