Originally published on: November 07, 2024
Bitcoin is currently trading at around $75,000 in anticipation of a major United States macro event. The cryptocurrency reached new all-time highs of $76,480 before experiencing a slight pullback. This price action comes as markets recover from the aftermath of the US presidential election, with BTC/USD seeing strong demand.
Trader Skew highlighted the significant shift in the market, noting that strong spot flows have pushed the price to new highs and through key resistance zones. Sell-side liquidity now lies between the current price and the $80,000 mark, indicating a shift towards demand.
The Federal Reserve is set to meet to discuss changes to benchmark interest rates, with markets predicting a 0.25% cut. Chair Jerome Powell’s statement following the meeting could impact crypto and risk assets, leading to increased volatility.
Analysts remain bullish on Bitcoin’s prospects, with price targets ranging from $130k to $150k by next August. Despite the possibility of a short-term consolidation, BTC/USD is poised for further gains.
Please note that this article does not offer investment advice. Readers should conduct their own research before making any financial decisions. Stay informed with critical insights by subscribing to our Markets Outlook newsletter.
