Bitcoin Hovers Around $63.6K Amidst Anticipated Market Volatility and Fed Commentary
In the last 12 hours, Bitcoin ( BTC ) has seen a price dip, settling at $63,608 , reflecting a 3.2% drop from the previous day. This follows a recent period of volatility , where Bitcoin hit a weekly high of $65 ,934 before the decline. Despite the drop, Bitcoin’s price remains stable within the expected trading range of $63,540 to $66,480 ​( Kitco )​( CoinMarketCap ).
Key Drivers:
Upcoming Economic Reports : The market is bracing for pivotal U.S. economic data, including the ISM Manufacturing PMI and the ADP Nonfarm
Employment Change reports, which are likely to influence Bitcoin’s price by impacting Fed policy expectations. A weak labor market could prompt the Fed to pause rate hikes, potentially boosting Bitcoin’s appeal as an inflation hedge​( Tokize.com ).
Technical Overview : Bitcoin is currently trading near key support at $63,540 , with resistance levels eyed at $66,480 and $74,969 . Traders are paying attention to Fibonacci retracement levels, which suggest that a push beyond $66K could open the door to higher targets​( Tokize.com ). Additionally, oscillators indicate a neutral market sentiment , with Bitcoin locked in a broader trading range between $57K and $68K ​( TradingView ).
Global Market Dynamics : Bitcoin continues to attract institutional interest , with recent reports of large firms in Japan purchasing Bitcoin as a hedge against the depreciating yen. This adds to Bitcoin’s narrative as a global store of value​( CoinMarketCap ).
Read More: https://onthenode.com/cryptocurrency/bitcoin-hovers-around-63-6k-amidst-anticipated-market-volatility-and-fed-commentary
In the last 12 hours, Bitcoin ( BTC ) has seen a price dip, settling at $63,608 , reflecting a 3.2% drop from the previous day. This follows a recent period of volatility , where Bitcoin hit a weekly high of $65 ,934 before the decline. Despite the drop, Bitcoin’s price remains stable within the expected trading range of $63,540 to $66,480 ​( Kitco )​( CoinMarketCap ).
Key Drivers:
Upcoming Economic Reports : The market is bracing for pivotal U.S. economic data, including the ISM Manufacturing PMI and the ADP Nonfarm
Employment Change reports, which are likely to influence Bitcoin’s price by impacting Fed policy expectations. A weak labor market could prompt the Fed to pause rate hikes, potentially boosting Bitcoin’s appeal as an inflation hedge​( Tokize.com ).
Technical Overview : Bitcoin is currently trading near key support at $63,540 , with resistance levels eyed at $66,480 and $74,969 . Traders are paying attention to Fibonacci retracement levels, which suggest that a push beyond $66K could open the door to higher targets​( Tokize.com ). Additionally, oscillators indicate a neutral market sentiment , with Bitcoin locked in a broader trading range between $57K and $68K ​( TradingView ).
Global Market Dynamics : Bitcoin continues to attract institutional interest , with recent reports of large firms in Japan purchasing Bitcoin as a hedge against the depreciating yen. This adds to Bitcoin’s narrative as a global store of value​( CoinMarketCap ).
Read More: https://onthenode.com/cryptocurrency/bitcoin-hovers-around-63-6k-amidst-anticipated-market-volatility-and-fed-commentary
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