CandleFocus Bitcoin Faces Crucial Test Amid Strong US Dollar and Declining Equities
2024-10-23
Author: Content Editor
Bitcoin's ability to reclaim the $69,000 mark is seen as important in confirming the overall strength of the crypto market. The recent bearish performance of the U.S. equity market and the strengthening of the U.S. dollar have negatively affected the prices of cryptocurrencies. Bitcoin has been down 1.28% in the past day, contributing to a negative trend in its seven-day performance. The total valuation of the crypto market has also declined by 1.28% to $2.31 trillion. Market analysts are closely monitoring Bitcoin's behavior and suggest that it needs to establish a higher high above $69,000 to validate the ongoing bullish trend. Various macroeconomic factors, such as inflation markers, declining U.S. equities, and uncertainties surrounding U.S. financial policies, have been impacting Bitcoin's price actions. Despite a surge in the value of the U.S. dollar, Bitcoin has shown resilience and gained 5% month-to-date. Bitcoin bulls hope that the asset will remain above the $66,500 support level and breach the $70,000 resistance, while bears aim for further declines to support levels of $65,000 or $61,065. Bitcoin's current price is $67,053, down 9.44% from its all-time high.
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