Bitcoin Steps Back from Hitting New High
Bitcoin has been able to hold onto it gains fairly well this month, indicating that a new high could be coming soon.
Quick overview
- Bitcoin (BTC) experienced a slight decline, currently trading at $105,798, down 0.92% for the day.
- Despite the dip, Bitcoin started the week strong, briefly surpassing $107K, indicating potential for a new record high.
- Increased selling pressure is noted due to geopolitical tensions and a fluctuating stock market, but major investors remain optimistic.
- Recent inflows into Bitcoin ETFs and the coin's resilience suggest it may maintain its value above $100K in the near term.
Live BTC/USD Chart
Bitcoin (BTC) was climbing quickly on Monday but then backpedaled as trading began for Tuesday, and the coin is now down to $105,798 (BTC/USD), a drop of 0.92% for the day.
As Bitcoin dips, the stock market is rising, and Bitcoin has lost its foothold at $107K and is now just below $106K. That sets it back from moving toward a new high, but the can is still doing very well. As long as it does not slip too far and does not fall below $100K, it can still achieve a new record high soon.
Investors tend to lose a lot of confidence in crypto coins when they fall below psychologically important milestones. There is some increased selling pressure for BTC right now because of Middle East conflict and a fluctuating stock market, but many of the biggest investors are sitting tight and continuing to have faith that Bitcoin will climb much higher.
Bitcoin’s Positive Indicators
Despite a drop on Tuesday, Bitcoin started off the week strong, moving above $107K and stirring up hope that it would set a new record. It looks like right close to $107K is the resistance level that will hold BTC back from reaching much higher for now. The coin needs some positive factors to push it past there and to break through that resistance.
Bitcoin could get a boost from the Federal Reserve this week, especially if they announce a new interest rate cut. All signs point to no new cut, though, since inflation is looking sticky at the moment, especially after the most recent consumer and producer price index readings.
There have been massive inflows for Bitcoin ETFs recently, and that helps lift Bitcoin’s profile and increase consumer confidence in the market.
Bitcoin has also done very well at holding onto its gains and not slipping too far when it is bearish. That indicates that the coin is strong and the market can handle a new record high without massive selling off occurring. Investors should expect that for now the coin will remain high and stay above $100K unless there is a serious downward push from an unexpected factor. This looks like an excellent time to invest in the coin, since it is unlikely to fall much lower over the short term.
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