Is Bitcoin Headed for Growth after Bear Trend Slows?
Today marks the first day in a while that Bitcoin (BTC) has sustained upward movement. The crypto token has already climbed 0.67% over the last 24 hours, bringing the price to $58,552 (BTC/USD).
That is a dangerous price level for the coin right now. Anything below $60K will put Bitcoin at risk of losing a lot of its support and goodwill from investors. That $60K price point is psychologically important to investors, especially since many of them are holding out hope that Bitcoin will turn things around later this year and set a new record high.
A week ago, Bitcoin fell off a cliff and lost 4.65% in the space of about an hour. Since then, the coin has fallen further, gradually losing its value. Over the last week, Bitcoin has dropped 8.40%. Even small upward movements have not stuck, and Bitcoin has continued to devalue from last week. What is significant about today’s movement is that the coin is sustaining its bearish behavior and may be indicating that it will keep climbing.
What to Know about Bitcoin Right Now
Bitcoin could be due for a mild uptick that will carry it past $60K, but we do not expect a lengthy upward movement or gains anywhere near $65,000 for now.
Investors need to keep in mind that the coin had a rough August and has stayed fairly low throughout that month. On top of that. September is historically a poor month for the token. Putting those two factors together does not make for a very promising scenario for Bitcoin.
We could see a few factors help lift the coin, though. This election cycle has been helpful for cryptocurrency, as new legislation and protection for crypto have been heavily discussed.
Bitcoin may also benefit from interest rate cuts that might be coming later this month. We could also see continued improvement in the jobs market, which could have a ripple effect on the crypto marketplace and spur growth there.
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