Bitcoin has been struggling to regain momentum and has remained between $53,000 and $60,000 for six consecutive weeks. With the upcoming Federal Reserve meeting, a 0.50% rate cut could significantly impact its price, and there is a 50% chance of either a 0.25% or 0.50% cut. Not implementing a 0.50% cut could lead to market turmoil, and there are warnings of potential manipulations and scams. Geopolitical tensions and the Israel-Lebanon situation add complexity and may increase market fears and volatility. However, Doctor Profit remains bullish on Bitcoin's long-term prospects. Analyst Ali Martinez notes that Bitcoin trades within a parallel channel on the hourly chart, with potential bounce-back levels at $60,200 or $62,000. Breaking below the support level of $58,100 could lead to a drop towards $55,000. Bitcoin's Market Value to Realized Value (MVRV) Momentum indicates a downtrend, and to reverse this, BTC needs to break above the $66,750 level. Currently, Bitcoin is trading at $58,440 with over 3% losses in the past 24 hours.



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