Bitcoin Price Climbs. These Are the Price Levels to Watch for Its Next Move.
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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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