Bitcoin's price remains under pressure in recent months, attempting to break free from the narrow trading range of $50K-$60K. Over the past 24 hours, the asset has lost 0.53%, with its value fluctuating from $57,354 to $58,534.
Current Situation Analysis
According to CoinMarketCap, Bitcoin is currently trading at $57,862. The Fear and Greed Index for BTC remains at 32, indicating ongoing investor uncertainty. The trend towards a bear market is hindering significant growth.
Impact of External Factors
Ahead of the potential Federal Reserve rate cut and the upcoming U.S. presidential election, Bitcoin may face additional pressure. A reduction in Bitcoin mining supply since early 2024 also impacts the market. Investment giant BlackRock mentioned that Bitcoin could serve as a hedge during global instability and declining trust in traditional systems. Forecasts indicate a potential price correction upwards in the near future.
Forecasts and Prospects
On the monthly chart, Bitcoin's price has shown a steady drop of 5.20%. Over the past seven days, the asset has increased by 2.22%, rising from $56.5K to $57.9K. If the bearish trend continues, the price may fall to $56,818. Conversely, a recovery could see Bitcoin reach $59,064.
Technical analysis indicates that the Relative Strength Index (RSI) on the daily chart stands at 56.82 in the neutral zone. The short-term 50-day moving average (MA) is at $56,169, while the long-term 200-day MA is at $59,043, which may indicate possible future changes in Bitcoin's price movement.
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