Bitcoin (BTC) is maintaining its upward momentum due to economic factors and market news. A weaker USD and falling U.S. bond yields are making Bitcoin more attractive to investors.
Key factors influencing BTC: Weaker USD: A declining USD value makes Bitcoin more appealing for investors using other currencies. Lower bond yields: Low-interest rates push investors towards assets like Bitcoin. Regulatory news: Expectations of Bitcoin ETFs boost institutional investor interest. Global economic uncertainty: Geopolitical tensions and recession fears drive demand for safe-haven assets like Bitcoin.
Technical analysis: Support: $64,200 - $64,300 Resistance: $64,576.51 If Bitcoin holds above the support range, it could break through resistance and rise towards $65,200.
Trading strategy: Wait for a breakout above $64,576.51 and enter long with a target of $65,200. Buy near support at $64,200 - $64,300 and sell around $64,500 - $64,600. Stop loss: Set a stop loss below $64,300 to manage risk. Bitcoin has strong potential to break higher as the market continues to favor upward momentum.
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