CandleFocus This Is Why Bitcoin (BTC) May Be On Its Way to $69,000
2024-09-24
Author: Content Editor
Bitcoin's price has been on an uptrend since the Federal Reserve's recent rate cut, increasing by nearly 10% in the past week and trading at $63,509. Analysts believe the leading cryptocurrency could reach a two-month high of $69,000 due to rising demand and improving market sentiment. One key factor driving this potential surge is Bitcoin's Puell Multiple, which assesses the profitability of miners. The metric has entered the "green zone" for the first time since the end of the 2022 bear market, suggesting lower mining profitability and potentially resulting in an upward price movement. Additionally, Bitcoin's positive funding rate and historical patterns further support the possibility of an uptrend, with resistance at $67,078 and a potential decline to $54,672 if selling pressure intensifies.
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