Originally published on: October 09, 2024
Bitcoin’s price has been hovering around the $60,000 mark, unable to break through the $64,000 resistance level. This stagnation can be attributed to various factors, including economic uncertainty and geopolitical risks.
The market is eagerly awaiting news from the Federal Reserve, with expectations of a potential interest rate cut. While this could be bullish for Bitcoin, geopolitical tensions in the Middle East have caused investors to flock to safe-haven assets like the US dollar.
The Sell-Side Risk Ratio indicator suggests that investors are hesitant to take action, leading to a lack of selling pressure or profit-taking in the market. This indecision has kept Bitcoin’s price range-bound.
However, these sideways price movements are forming a rising wedge pattern, which typically resolves in a bearish reversal. If this pattern plays out, Bitcoin’s price could drop to the $49,700-56,000 range by the end of the year.
While this article does not provide investment advice, it’s essential to stay informed about market trends and conduct your own research before making any decisions.
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