Day: October 24, 2024

After hitting $65K on Wednesday, Bitcoin (BTC) has climbed back up to $67,101 (BTC/USD) today, making a small gain for the day and major progress toward a record high.

What the coin has achieved is a foothold at the $67K mark, showing that it will not be held down much further than that for long. This is not quite a new support level, but a higher range is being established for the coin, and that is good news for investors. The sellers have taken hold of Bitcoin and pushed it to $69K recently, which is the highest level BTC has reached since June of this year. That is why so many investors and analysts are anticipating a new record high soon.

The Resistance Against $70K

It does appear that Bitcoin is having trouble hitting $70K, and there are a few factors holding the coin back. Primarily, BTC’s price is hindered by long-term low price levels. Because the coin has been trading around the $60-65K range for so long, there are many investors who are interested in selling their Bitcoin once it gets close to $70K. They have waited a long time for the coin to skyrocket and hit a new record, and that has not happened in a while. So, they sell off their coins in exasperation as soon as Bitcoin hits some significant milestone.

There is also pressure from a few other factors. Continued fighting in the Middle East is making it hard for investors to plan ahead, knowing that their economy could be pulled into the fight and oil reserves could be jeopardized. High inflation and a struggling US economy make for additional reasons why investors are minimizing their risk and shying away from cryptocurrency.

Why Bitcoin May Break Its Own Record Soon

On the plus side, Bitcoin is supported by strong political stances during this US election that show increasing interest in sensible and helpful regulations for cryptocurrency. Both major political parties have expressed their desire to help cryptocurrency thrive under a reworked government regulatory framework.

Bitcoin is also getting a boost from news that an interest rate cut may be coming soon. The coin shot up when the last cut took place.

Recent economic reports have proven to be mildly positive, particularly the US jobs report and retail sales. As the economy manages to slowly recover, there will be more reason for investors to take a chance on volatile cryptocurrency like Bitcoin.