Bitcoin (BTC) started the new week above $64,000, reigniting excitement among crypto investors.
After a period of decline, the leading cryptocurrency has begun to show signs of recovery, triggering sharp increases in altcoins.
Despite the recent uptick, potential risks such as geopolitical issues, the FED’s tight interest rate policy, and the yet-to-begin halving frenzy continue to pose threats to Bitcoin’s stability.
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Bitcoin kicks off the week above $64,000, sparking renewed enthusiasm among crypto investors. Despite the positive trend, potential risks remain. Will Bitcoin continue its upward trajectory towards $70,000?
Bitcoin’s rise doesn’t mean the dangers are over!
After testing $56,600, Bitcoin stepped on the gas and managed to surpass $64,000. The volume of these increases revealed the strength of the buyers. However, ongoing geopolitical issues, the FED’s tight interest rate policy, and the yet-to-begin halving frenzy continue to pose risks to Bitcoin. In the event of another drop, the support levels to watch in BTC are sequentially $63,000, $62,000, $60,722, $59,009, and $56,592. The loss of the recent low level of $56,600 could trigger significant sell-offs.
Potential Catalysts for Bitcoin’s Rise
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The start of the halving frenzy, a decrease in the FED’s interest rate, or a de-escalation in Israel-Iran tensions could boost confidence in Bitcoin. In such a scenario, it’s quite possible to see upward movements. The resistance levels that could be encountered in BTC are sequentially $64,534, $67,091, $69,017, $71,289, and $73,684 (ATH). If the current ATH is broken, the bull run could begin in full force.
Conclusion
While Bitcoin’s recent rise has sparked renewed enthusiasm among crypto investors, potential risks such as geopolitical issues and the FED’s tight interest rate policy remain. However, several factors could boost confidence in Bitcoin and potentially trigger a bull run. As always, investors should conduct their own research before making any investment decisions.
