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Bitcoin Falters at $64K Resistance — Here’s Why

Bitcoin struggles to break past $64,000 as investors shift focus to stocks and cash amid global uncertainty.

• Main Points:

  • Resistance at $64K: Bitcoin has failed to hold above $66,000 since July 31.

  • Socio-political drivers: Global tensions and upcoming US elections weigh on investor sentiment.

  • Strong US dollar: A strengthening dollar makes investors cautious about Bitcoin.

  • ETF outflows: Bitcoin spot ETFs have seen $335 million in outflows this month.

• Detailed Insights:

  • Struggling to surpass $64K: Despite brief gains, Bitcoin continues to face rejection at the $64K–$66K level, largely driven by global macroeconomic conditions rather than US fiscal concerns.

  • Socio-political uncertainty: Events like Middle East conflicts and US elections are keeping investors risk-averse, limiting Bitcoin’s rally.

  • Stronger US dollar: The DXY index rose to 102.5, reflecting a stronger dollar as investors move away from foreign currencies, further curbing Bitcoin’s upside.

  • ETF outflows: Bitcoin spot ETFs experienced significant outflows since October 1, reducing bullish momentum in the market.

  • Neutral derivatives sentiment: The BTC futures annualized premium remains at 8%, signaling balanced demand between bulls and bears, but lacking clear conviction.

Related: 5 Key Things to Know About Bitcoin This Week

Bitcoin’s struggle to break $64K reflects broader macroeconomic and political uncertainties, with investors choosing safer assets amid market volatility.

Bitcoin Reclaims $64K Following Saylor’s “Winning” Message

Bitcoin rises 2.3%, reclaiming the $64,000 mark, after Michael Saylor declared Bitcoin is "winning" on social media.

• Main Points:

  • Saylor’s statement: Former MicroStrategy CEO boosts confidence, claiming Bitcoin is “winning.”

  • Price surge: Bitcoin climbs 2.3%, reaching $64,101 on Binance.

  • Macroeconomic impact: Bitcoin volatility expected with upcoming CPI data release.

  • Gold vs. Bitcoin: Gold reaches record highs, sparking rivalry with Bitcoin.

• Detailed Insights:

  • Bitcoin’s price boost: Bitcoin gained 2.3% in 24 hours, touching $64,101, following Michael Saylor’s enthusiastic post.

  • Volatility ahead: The release of September’s CPI data may trigger significant volatility in Bitcoin’s price.

  • Year-over-year gains: Bitcoin is up 52.6% from last year, though still 13% below its all-time high.

  • Gold vs. Bitcoin rivalry: Gold’s record highs have reignited competition with Bitcoin, with critics like Peter Schiff mocking Bitcoin’s performance.

  • MicroStrategy’s dominance: MicroStrategy, a major Bitcoin holder, has outperformed Bitcoin with a 199% stock increase year-to-date, reflecting strong faith in the cryptocurrency.

Related: Bitcoin Rockets 354% in 24 Hours Amid Liquidation Imbalance

Bitcoin’s future remains uncertain, with macroeconomic data and market dynamics influencing its path forward.

US Supreme Court Rejects Case Over $4.4B Silk Road Bitcoin

The US Supreme Court declined to hear a case involving 69,370 Bitcoin seized from Silk Road, leaving the US government free to sell the $4.38 billion worth of cryptocurrency.

• Main Points:

  • Supreme Court rejection: The Court refused to hear Battle Born Investments’ claim over the seized Bitcoin.

  • Silk Road Bitcoin: The 69,370 BTC was confiscated from the dark web market Silk Road.

  • Government sale likely: The decision clears the way for the US government to sell Bitcoin.

  • Market volatility risk: Large Bitcoin sales by governments have caused past market turbulence.

• Detailed Insights:

  • Supreme Court denial: Battle Born Investments argued it acquired the Bitcoin rights via a bankruptcy claim but was rejected by lower courts.

  • Government’s control: With the case closed, the US government may sell the BTC, adding to its July sale of $2 billion worth of Silk Road-linked Bitcoin.

  • Potential volatility: Large-scale Bitcoin sell-offs, like the German government’s earlier sale of 50,000 BTC, often trigger market fluctuations.

  • Political implications: Republican candidate Donald Trump has pledged to build a “strategic Bitcoin stockpile” if elected, while Democrat candidate Kamala Harris has not stated her stance on cryptocurrency.

Related: October 9: A Crucial Day for Bitcoin

The Supreme Court’s refusal marks a significant step for the US government in its control of seized Bitcoin assets.

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