Cryptocurrency

Bitcoin

Resistance

Reserve

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-struggles-with-69000-resistance" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Struggles with $69,000 Resistance</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-etfs-attract-massive-investments" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.bitcoinhaber.net/bitcoins-hash-rate-soars-amid-mining-challenges-and-network-congestion" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) is encountering significant resistance at the $69,000 mark, as macroeconomic developments in the U.S. capture the market’s focus. Recent increases in U.S. Treasury yields, which have reached a three-month high, have reignited inflation worries among traders. Concurrently, the upcoming U.S. elections and Donald Trump’s candidacy are also shaping the sentiment within the cryptocurrency arena.</p>
<h2 style="text-align: justify" id="why-are-u-s-treasury-yields-rising">Why Are U.S. Treasury Yields Rising?</h2>
<p style="text-align: justify">Since the Federal Open Market Committee (FOMC) meeting, Bitcoin has surged by 18%. Fed Chairman Jerome Powell’s discussions surrounding potential interest rate cuts have given investors a glimmer of hope. However, data from CNBC shows that the U.S. 10-year Treasury yield has climbed to 4.2% as of Tuesday, placing renewed emphasis on inflation concerns.</p>
<h2 style="text-align: justify" id="how-do-elections-influence-cryptocurrency-trends">How Do Elections Influence Cryptocurrency Trends?</h2>
<p style="text-align: justify">As the U.S. elections approach, the focus of investors is increasingly shifting to political developments. According to 10x Research, Trump’s rising likelihood of winning could significantly impact Federal Reserve policies, particularly if it leads to a strategy favoring economic growth over interest rate reductions.</p>
<p style="text-align: justify">Several market indicators suggest that Bitcoin could face challenges maintaining its value. Key insights include:</p>
<ul>
 <li>Bitcoin must break the $69,000 barrier to avoid a potential decline.</li>
 <li>Current trading value is around $67,033, with a market cap nearing $1.325 trillion.</li>
 <li>The rising prices of commodities like gold are attracting attention, which could correlate with Bitcoin’s price movements.</li>
</ul>
<p style="text-align: justify">Volatility is likely to persist as the combination of rising Treasury yields and political events play out. Traders are advised to stay vigilant as Bitcoin continues to confront selling pressure at the crucial $69,000 level.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/bitcoin-struggles-with-69000-resistance" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Struggles with $69,000 Resistance</a></h5>

Bitcoin Struggles with $69,000 Resistance

Table of Contents

BH NEWS

Other articles published on Oct 23, 2024

Vitalik Buterin Critiques Michael Saylor’s Bitcoin Custody Proposal

Elon Musk’s Bitcoin Tweet Generates Significant Market Impact

Ripple Co-Founder Chris Larsen Donates $1 Million in XRP to Kamala Harris' Presidential Campaign

ChatGPT Predicts XRP Price For November 1, 2024

Veteran whales still back SOL’s comeback, but Intel Markets is their go-to backup

$PacHat Memes: Matt Furie Art Meets Onchain Frens

Join our free newsletter for daily crypto updates!