Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Bitcoin's Momentum Weakens: Will It Break the Key Resistance Level of $95,000?

Source Tradingkey

TradingKey - Bitcoin has risen nearly 27% over the past two weeks. Can it continue to climb and break through the key resistance level of $95,000?

On Thursday, Bitcoin (BTC) showed signs of slowing downa slowdown, hovering around $93,000. The day before, it had peaked at $94,696 but failed to break through the $95,000 barrier, which had marked the high from a rebound in March.

Bitcoin Price Trend Chart, Source: TradingView.

Since April 9, Bitcoin's price has been on the rise, thanks to eased trade tensions. The current price is approaching the critical resistance level of $95,000. Markus Thielen, head of research at 10x Research, remains cautious. He notes that stablecoin minting indicators have not returned to active levels. He believes $95,000 is a key resistance point and a potential trigger for short-term stop-loss liquidations.

However, some market perspectives suggest that even though Bitcoin hasn't yet broken the $95,000 resistance, increased market confidence could lead to a breakthrough soon. The market sentiment has shifted from panic mode, with the fear & greed index rising from a low of 25 to 53.

Additionally, John D'Agostino, head of strategy at Coinbase's institutional division, points out that retail investors are exiting the market through ETFs and spot trading. Meanwhile, sovereign wealth funds and other institutions are accumulating Bitcoin, helping to absorb selling pressure from profit-taking.

Source

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Weekly Market Outlook: U.S. October CPI Focus and Powell and Fed Officials Speak Insights – This week, the U.S. will release October CPI data, with inflation expected to face challenges in easing further. Retail sales data will also be closely watched for insights into the economy, guiding the Fed's future policy.

Author Mitrade

Nov 11, 2024

Insights – This week, the U.S. will release October CPI data, with inflation expected to face challenges in easing further. Retail sales data will also be closely watched for insights into the economy, guiding the Fed's future policy.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonight The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Author Suzie

Sep 30, Wed

The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflation Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Author FXStreet

Oct 01, Thu

Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

WTI Price Forecast: Dips to $91.50 as Middle East jitters limit losses West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts some sellers during the Asian session on Friday, snapping a two-day winning streak and stalling the previous day's recovery from the vicinity of a nearly four-week low.

Author FXStreet

Oct 02, Fri

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts some sellers during the Asian session on Friday, snapping a two-day winning streak and stalling the previous day's recovery from the vicinity of a nearly four-week low.

Popular Symbols