Market Analysis by Investing.com (Günay Caymaz) covering: Bitcoin US Dollar. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Bitcoin's rise to $65,000 is fueled by liquidity and institutional interest in spot ETFs.With PCE data due, Bitcoin's path to $70,000 may face increased volatility.'s recovery continues this week, fueled by last week’s decision from the Fed to cut interest rates more aggressively, alongside China’s easing measures and encouraging data from the U.S. economy.
However, the week hasn’t been without its challenges for Bitcoin. Despite the overall positive sentiment, news from Mt. Gox caused a brief mid-week fluctuation. Reports of Bitcoin withdrawals from Mt. Gox wallets tested the $63,000 support level. Nevertheless, institutional investors seized this opportunity, quickly pushing the price back up to $65,000.
However, a strong catalyst could boost buying volume and allow Bitcoin to test the resistance area from July, which falls between $65,900 and $68,200. While favorable PCE data could act as a catalyst, it might not be enough to push through this resistance.
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