CandleFocus Is this Bitcoin rally the fruit of manipulation?
2024-10-13
Author: Content Editor
The recent price fluctuations of Bitcoin have raised concerns about market manipulation rather than genuine market fundamentals, according to a cryptocurrency trader. The trader suggests that Bitcoin is struggling to break past key resistance levels and may experience a correction towards the $52,000 mark. The lack of dominant buying pressure and the development of a downtrend channel indicate a bearish market structure. Resistance levels at $63,400 and $64,130 are crucial for Bitcoin to surpass for sustained upward movement, while support levels at $61,320 and $59,000 are important to watch for potential declines. Rising U.S. inflation and expectations of further interest rate hikes present additional challenges for Bitcoin. Technical analysts predict a possible drop to $52,000 or $49,000. Bitcoin's current lack of upward momentum and bearish signals from technical indicators suggest the likelihood of a reversal towards lower support levels. Investors should closely monitor key support levels, particularly at $59,000 and $52,000, as further downside movement remains possible.
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