Market Analysis by Investing.com (Günay Caymaz) covering: Bitcoin US Dollar. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Bitcoin's recent dip is testing critical support around $60,000 as investor caution grows.Technical indicators suggest a pivotal moment ahead; traders should watch these key levels for Bitcoin's short-term trajectory.This comes after a rocky start to October, a month that has historically favored the cryptocurrency, often referred to as “Uptober.”However, rumors about the U.S.
Negative factors also weigh on Bitcoin's upward trajectory. Large investor sell-offs intensified this week, and ongoing geopolitical tensions—particularly those arising from the Middle East—continue to pressure prices. If Bitcoin starts closing daily below $60,000, we could witness a negative EMA crossover, potentially mirroring patterns seen in June and August.
Let's delve deeper into the Bitcoin chart for short-term targets. In the 4-hour chart, we see that the downward trend following September's rise met resistance at the Fibonacci 0.5 level, around $58,900.
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