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3 Reasons Why Bitcoin Struggles to Hold $64.5K

Bitcoin surged 8.2% in the week leading up to Sept. 25 but failed to hold above $64,500. Weak economic data, fears of a stock market correction, and uncertainty around the US presidential election are contributing to investor caution.

• Main Points:

  • Weak macroeconomic data: Falling home prices and China’s economic slowdown are reducing investor appetite for risk assets.

  • Stock market correction fears: A potential correction in the stock market, highlighted by Warren Buffett’s selling of Bank of America shares, is worrying traders.

  • US election uncertainty: Concerns over the crypto policies of presidential candidates, particularly Vice President Kamala Harris, are causing market hesitation.

• Detailed Insights:

  • Weak macroeconomic data: US new home sales fell 4.6% in August, marking the longest price decline since 2009. China’s $142 billion credit stimulus hasn’t eased fears of a worsening economic slowdown, causing investors to be wary of high-risk assets like Bitcoin.

  • Stock market correction fears: Warren Buffett’s $8.9 billion reduction in Bank of America shares has spooked markets, raising concerns of a potential stock market correction. Bitcoin traders are cautious about how a stock decline could impact cryptocurrency prices.

  • US election uncertainty: With the upcoming US presidential election, Bitcoin investors are closely watching the candidates’ crypto policies. Concerns about continued regulatory pressure under Kamala Harris are causing market hesitancy, while some bulls hope Donald Trump’s support for Bitcoin will boost the market.

Related: Bitcoin Sell-Side Risk Hits 2024 Low, $10K From Record Price

Bitcoin’s failure to break $64,500 is due to broader economic uncertainties and political factors. Traders are adopting a cautious stance, with derivatives markets reflecting a lack of bullish sentiment.

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Ethereum Bulls and Bears Battle Over $2.8B ETH Options Expiry

Ethereum has seen a recent price surge but faces a critical test with the upcoming $2.8 billion options expiry on Sept. 27. Bulls are trying to push ETH above $2,700 to maintain momentum, but bears may gain the upper hand if the price remains below key levels.

• Main Points:

  • ETH price tests $2,600 resistance: Ethereum’s recent 15% gain faces pressure ahead of the $2.8 billion options expiry.

  • Federal Reserve rate cuts boost ETH: Accommodative monetary policy and falling bond yields have driven demand for scarce assets like Ether.

  • Bulls vs. bears: Bulls hold $1.47 billion in call options, but these expire worthless if ETH stays below $2,700.

  • Increased transaction fees and ETH issuance: Rising demand and increased supply may limit Ethereum’s upside potential.

• Detailed Insights:

  • ETH price tests $2,600 resistance: Ethereum has gained 15.1% since mid-September, currently trading above $2,600. This rise has been fueled by macroeconomic factors, but sustaining above this level remains a challenge as options expiry approaches.

  • Federal Reserve rate cuts boost ETH: A recent cut in Federal Reserve interest rates has shifted market sentiment, pushing investors toward cryptocurrencies like Ethereum as they seek alternatives to traditional assets.

  • Bulls vs. bears: The options market is heavily weighted with $1.47 billion in call options targeting $2,700 or higher. However, bears could still win if ETH remains below this level by Sept. 27.

  • Increased transaction fees and ETH issuance: The rise in Ethereum transactions has pushed fees up significantly, while the growing supply of ETH—alongside competition from lower-cost platforms—could cap price gains.

  • Likely outcomes: If ETH stays between $2,600 and $2,700, call options gain a modest advantage. Below $2,600, bears would lock in gains, potentially shifting momentum.

Related: Michael Saylor Backs BlackRock’s Ultra-Bullish Bitcoin Outlook

Ethereum bulls need to push above $2,700 by Sept. 27 to secure a stronger position, but bearish pressure remains, especially with the $2,600 support level being tested frequently.

Bitcoin on the Brink as Legendary Trader Peter Brandt Warns of Ominous Pattern

Renowned commodity trader Peter Brandt has warned that Bitcoin is forming a bearish pattern of lower highs and lower lows. This could indicate a trend reversal unless Bitcoin manages a meaningful close above its July highs.

• Main Points:

  • Bearish pattern forming: Bitcoin’s current price action is creating a series of lower highs and lows, suggesting a potential bearish reversal.

  • Key resistance level: Brandt suggests that only a close above July’s highs could negate the bearish trend.

  • Current price action: Bitcoin is trading at $63,616, down 0.9% in the past 24 hours.

• Detailed Insights:

  • Bearish pattern forming: According to Peter Brandt, the formation of lower highs and lower lows is often a signal of a bullish-to-bearish trend reversal, which could spell trouble for Bitcoin if the pattern continues.

  • Key resistance level: Brandt believes that only a significant close above the July highs can reverse the current bearish sequence, providing a glimmer of hope for bullish traders.

  • Current price action: Bitcoin is currently trading at $63,616, reflecting a 0.9% drop in the past 24 hours, increasing concerns about a broader market shift.

Related: Elon Musk Praises Pro-Bitcoin El Salvador President Nayib Bukele for UN Speech

Traders should watch for a decisive close above the July highs to determine if Bitcoin can break out of the bearish pattern or if further downside is ahead.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results