Bitcoin is inside a narrow range, defined by the Friday bear bar. Overall, the sentiment is bullish, and traders expect prices to exceed expectations, floating above $70,000 in the coming sessions. All the same, there is weakness, at least for now, and the possibility of BTC cratering below $66,000, as it did last week, cannot be discounted. Technically, buyers have the upper hand. How fast prices float to $74,000 or dump below $60,000 highly depends on the outcome of the upcoming presidential elections in the United States. In turn, this could influence the pace at which institutions seek exposure to the world’s most valuable coin.
At press time, Bitcoin is flat. Movement remains restricted, looking at events in the daily chart. Even though traders are optimistic, what’s needed is a confirmation of a close above September highs. For now, the average trading volume is below average, at around $20 billion.
Traders are closely watching the following trending Bitcoin news:
Traders are closely watching the following trending Bitcoin news:
- Microsoft could soon be one of the many public companies seeking Bitcoin exposure. Last week, news filtered through that they would allow shareholders to vote on whether they should buy BTC.
- After a lull, spot Bitcoin ETFs resume their inflows. As over $65 billion of assets are tied into this product, it is one of the fastest-growing ETFs in the United States.
Bitcoin Price Analysis
[[BTC/USD]] is stable but bullish at press time. There is hope that prices will follow through the sharp gains of the second half of September. Aggressive, risk-on traders can consider loading the dips, targeting $70,000 and $72,000. Meanwhile, as Bitcoin steadies and absorbs selling pressure, the support is at $66,000. Conservative, risk-off traders can consider opportunities above $70,000. Their immediate target would be all-time highs. If prices tumble, losses below $66,000 could fast-track the sell-off to $60,000 and even August lows.
Articles by Bitcoin Firm Above $66,000: Is Microsoft Why BTC Will Break All-Time Highs? - FX Leaders
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