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.
- Content Editor ( coindesk.com )
- 2024-10-12
Bitcoin Takes Another Shot at $63.5K as China's Vague Fiscal Stimulus Deters Capital Shift