CandleFocus Bitcoin Takes Another Shot at $63.5K as China's Vague Fiscal Stimulus Deters Capital Shift
2024-10-12
Author: Content Editor
Bitcoin (BTC) is once again pushing towards establishing a foothold above $63,000 as China's fiscal stimulus announcement falls short of expectations. The announcement suggests a low probability of continued capital flows into China-linked assets, which could discourage macro investors from moving capital out of cryptocurrencies and into Chinese equities. BTC reached almost $63,500 but failed to sustain the move, dipping to $62,400. A breakout above a downtrend line could indicate the end of the pullback from late September and a resumption of the rally. The next resistance level is around $69,000, while key support is at $58,890.
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