Bitcoin (BTC) Analysis - Price Targets $64,000 Amid Improved Market Sentiment
Bitcoin Price Resurgence
After weeks of caution, Bitcoin (BTC) traders are shaking off their fears and increasing their trading activity. This renewed momentum follows the Federal Reserve’s decision to cut interest rates by 50 basis points (0.50%), reigniting market confidence.
Market Sentiment Update
Bitcoin is now trading above $61,000 for the first time in nearly a month, signaling a potential rally on the horizon. The 50 basis point rate cut is expected to drive more investment into riskier assets, including Bitcoin. This trend is already evident, marked by a positive shift in sentiment toward the leading cryptocurrency.
- Trading Volume Surge – Over the last 24 hours, trading volume surged by 12%, totaling $46 billion.
- Positive Transaction Ratio – The ratio of BTC's transaction volume in profit to loss has reached 3.48, indicating strong market conditions.
- Spot ETF Outflows – Bitcoin spot ETFs experienced their first net outflow after four consecutive days of inflows, totaling $53 million.
Bitcoin Price Prediction: Upcoming Resistance Challenge
Bitcoin's recent price spike has pushed it above the critical resistance level of $61,388, and it is now trading above its 20-day exponential moving average (EMA). This indicates that buying pressure is surpassing selling activity. However, a retest of this resistance level is expected. If it succeeds, Bitcoin could target prices up to $64,312.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.