Bitcoin falls back to $63,440 as the dollar strengthens
In Asian trading, the price of Bitcoin fell below $64,000, trading at $63,440.2, a decline of 1.2%. This decline was driven by the dollar rally, which negatively affected cryptocurrency markets, as investors await further signals from the Federal Reserve. Notably, the $65,000 level as a key resistance that Bitcoin has been unable to overcome since August.
This was compounded by the recent activation of a wallet dormant for 13 years, which mobilized tokens worth approximately $3 million, generating concern in the market. The upcoming expiration of Bitcoin and Ether contracts, scheduled for Friday, could increase market volatility. In addition, future Federal Reserve decisions are expected to influence Bitcoin's price direction.
In terms of technical analysis, BTCUSD has recovered during the month its prices from $52,000 to the current price at the checkpoint area (POC). The overbought RSI at 62.59% suggests that the price could extend towards $68,000, with a key area where a correction could occur around $65,288, according to Fibonacci method analysis.
Ion Jauregui - ActivTrades Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
This was compounded by the recent activation of a wallet dormant for 13 years, which mobilized tokens worth approximately $3 million, generating concern in the market. The upcoming expiration of Bitcoin and Ether contracts, scheduled for Friday, could increase market volatility. In addition, future Federal Reserve decisions are expected to influence Bitcoin's price direction.
In terms of technical analysis, BTCUSD has recovered during the month its prices from $52,000 to the current price at the checkpoint area (POC). The overbought RSI at 62.59% suggests that the price could extend towards $68,000, with a key area where a correction could occur around $65,288, according to Fibonacci method analysis.
Ion Jauregui - ActivTrades Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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