Bitcoin Price Climbs. These Are the Price Levels to Watch for Its Next Move.
Bitcoin and other cryptocurrencies were rising early Monday. The crypto sector could benefit from increasing confidence over interest-rate cuts but analysts warned Bitcoin was still susceptible to declines.
Bitcoin has risen 2.4% over the last 24 hours to $65,185, leaving the largest cryptocurrency at its highest level for nearly two weeks. Last week’s weaker-than-expected jobs report has boosted the prospects of an interest-rate cut from the Federal Reserve. Risk assets like Bitcoin tend to be more attractive in a lower interest-rate…
and other cryptocurrencies were rising early Monday. The crypto sector could benefit from increasing confidence over interest-rate cuts but analysts warned Bitcoin was still susceptible to declines.
Bitcoin has risen 2.4% over the last 24 hours to $65,185, leaving the largest cryptocurrency at its highest level for nearly two weeks. Last week’s weaker-than-expected jobs report has boosted the prospects of an interest-rate cut from the Federal Reserve. Risk assets like Bitcoin tend to be more attractive in a lower interest-rate environment.
hit a record high near $74,000 in mid-March amid a surge of interest from new spot Bitcoin exchange-traded funds (ETFs) but its price has dropped since then.
“Until prices exceed the level of $72,000, we are still in the correction process that has been developing since March. Right now, initial support is at $62,000. Only if $59,000 is lost would we think about a major correction,” wrote Javier Molina, an eToro markets analyst, in a research note. “Above, resistance at $68,500. If it jumps that, it will try to attack $72,000 and achieving it would be a sign of new bullish momentum.”
Beyond Bitcoin,
—the second-largest crypto—was up 1.9% to $3,202. Smaller cryptos also were rising, with
up 3% and
gaining 6.3%.
rose 4%.
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Write to Adam Clark at adam.clark@barrons.com
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