2024

Value

Bitcoin

Resistance

BlackRock

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-struggles-at-62k-resistance-level" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Struggles at $62K Resistance Level</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-eyes-new-all-time-high" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> is currently encountering significant resistance near the $62,200 mark, heightening the possibility of a swift price reversal. This situation may prolong the cryptocurrency’s consolidation phase, which has persisted for seven months. Despite this fluctuating price behavior, the long-term outlook for Bitcoin remains optimistic.</p>
<h2 id="what-is-bitcoin-s-current-price-status">What is Bitcoin’s Current Price Status?</h2>
<p style="text-align: justify">As of Friday, Bitcoin recorded a 2.20% rise, reaching the $62,000 threshold. The weekend typically sees reduced market liquidity, suggesting that traders should anticipate heightened volatility within the cryptocurrency landscape.</p>
<h2 id="why-does-blackrock-value-bitcoin-as-a-hedge">Why Does BlackRock Value Bitcoin as a Hedge?</h2>
<p style="text-align: justify">At the 2024 Digital Assets Conference in Brazil, BlackRock, the world’s largest asset management firm, underscored Bitcoin’s potential as a safeguard against the depreciating value of the US dollar. They highlighted that the dollar’s purchasing power has plummeted drastically since 1913.</p>
<blockquote>
 <p>“Bitcoin stands out as a global financial alternative due to its fixed supply, decentralized management, and low transaction and storage costs.” – BlackRock</p>
</blockquote>
<p style="text-align: justify">Recent price charts indicate that Bitcoin may be experiencing a trend shift, characterized by increasingly higher lows and peaks established in September. Should Bitcoin break past the $65,500 barrier, a potential rise toward $70,000 could follow. The daily analysis shows that buyers are pushing to re-enter the resistance zone between $63,900 and $65,000, and overcoming this level might enable Bitcoin to achieve new record highs.</p>
<ul>
 <li>Bitcoin has a market capitalization of $1.3 trillion, still small compared to assets like gold and US bonds.</li>
 <li>It is increasingly regarded as a hedge against inflation, countering the diminishing purchasing power of the US dollar.</li>
 <li>Short-term price drops could occur if Bitcoin fails to break through the $65,000 resistance level.</li>
</ul>
<p style="text-align: justify">The overall sentiment around Bitcoin remains positive, with experts asserting its growing significance as a store of value in today’s economic climate, making it a viable option for portfolio diversification.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/bitcoin-struggles-at-62k-resistance-level" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Struggles at $62K Resistance Level</a></h5>

Bitcoin Struggles at $62K Resistance Level

Table of Contents

BH NEWS

Other articles published on Oct 5, 2024

Vitalik Buterin Endorses Latest Optimism Innovation

HBO Joins the Hunt for Bitcoin's Satoshi Nakamoto – Will They Succeed?

Top Crypto Proponent Compares XRP Now to When Bitcoin Was $111

WIN BIG By Completing Small Tasks! NOMOEX Task Centre: Up to 550 USDT Cash Reward!!

Why Dogecoin and Shiba Inu Are Old News—Dogen Presale Offers a Better Opportunity

Crypto 'Ponzi' Scheme IcomTech CEO Gets 10 Years in Prison

Join our free newsletter for daily crypto updates!