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Bitcoin Stuck Below $65K, but Major Catalysts Loom

Bitcoin is struggling to break above the $65,000 resistance level despite favorable macroeconomic factors like the Federal Reserve’s interest rate cut. Traders are watching key levels closely, as sustained spot volume or a breakout above $66,300 could signal a major shift in market momentum.

• Main Points:

  • Resistance at $64,000 to $66,000: Bitcoin needs to break through this range for the next growth phase.

  • Flat spot volumes: Price action is largely driven by futures liquidations, not spot purchases.

  • Fed interest rate cut: The recent rate cut boosted Bitcoin, but it hasn’t altered the six-month downtrend.

  • Potential breakout: A close above $66,300 could change the market structure and trigger higher prices.

• Detailed Insights:

  • Resistance at $64,000 to $66,000: Bitcoin remains pinned under $65,000 despite reaching $64,133 this week. This resistance is critical for any potential rally to new highs.

  • Flat spot volumes: Although Bitcoin has shown volatility, spot volumes remain low, and much of the recent price action is driven by futures liquidations rather than sustained buying.

  • Fed interest rate cut boost: The Federal Reserve's 50 basis point interest rate cut gave markets a lift, with Bitcoin joining gold and the S&P 500 in responding positively, but no clear breakout followed.

  • Futures-driven price action: Bitcoin's price action continues to be influenced by futures and options markets. A breakout above the 200-day moving average at $64,000 could trigger short liquidations and push the price higher.

  • Key breakout level: Bitcoin must secure a daily close above $66,300 to break through its descending trendline and begin a potential shift in the higher timeframe market structure.

Related: Kiyosaki’s Alert: BRICS Crypto Threat to US Dollar

Traders are closely watching the $64,000 to $66,000 zone, as a decisive break could signal a new bullish phase for Bitcoin.

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Satoshi-Era Bitcoin Wallet Activated After 14 Years

A dormant Bitcoin wallet containing 50 BTC, worth $3.1 million, was activated for the first time in over 14 years. These "Satoshi-era" coins date back to the early days of Bitcoin when its creator, Satoshi Nakamoto, was still active in the community.

• Main Points:

  • 50 BTC reactivated after 14 years: A long-dormant wallet holding Bitcoin from 2010 has been brought back to life.

  • Satoshi-era transactions rare: These transfers are unusual, as they date back to the early days when Bitcoin was still obscure.

  • Unlikely link to Satoshi Nakamoto: While the term "Satoshi-era" is used, these transfers are unlikely to be directly related to Bitcoin’s creator.

  • Recent surge in ancient wallet activity: September saw multiple reactivations of wallets from Bitcoin’s earliest days, raising speculation.

• Detailed Insights:

  • 50 BTC reactivated after 14 years: The wallet, holding Bitcoin worth $3.1 million at current prices, has remained untouched since 2010, a period when Bitcoin was still in its infancy.

  • Satoshi-era transactions rare: Transactions from this era are uncommon because Bitcoin had little attention back then, and mining was done using personal computers rather than specialized hardware.

  • Unlikely connection to Satoshi: While these coins originate from the time Nakamoto was still active, it’s improbable that the transfer is linked to the mysterious Bitcoin creator.

  • Surge in ancient wallet activity: September saw an increase in reactivations of long-dormant Bitcoin wallets, including wallets from as early as 2009, potentially linked to the very first miners.

  • Historical significance: The timing of these transfers has stirred discussions in the crypto world, though their exact significance remains speculative.

Related: Bitcoin Consolidation Continues

Peter Schiff’s Latest Warning: Another Reason to Sell Bitcoin

After a post predicting Bitcoin's endless rise went viral, Peter Schiff, a known Bitcoin critic, responded by suggesting it's another reason to sell. Schiff’s consistent opposition to Bitcoin, despite his inaccurate 2018 prediction, continues to spark debate about his true motives.

• Main Points:

  • Schiff dismisses Bitcoin’s growth forecast: He claims the hyperbolic posts are reasons to sell Bitcoin.

  • 2018 prediction backfires: Schiff’s 2018 warning about Bitcoin’s price at $3,800 failed, as those who ignored it have seen significant returns.

  • Criticism of Bitcoin persists: Schiff continues to push gold as a better store of value, often using Bitcoin’s popularity to boost his social media engagement.

  • Questions about motives: Schiff has admitted he would have bought Bitcoin if he knew how it would perform, raising questions about whether his stance is genuine.

• Detailed Insights:

  • Schiff dismisses Bitcoin’s growth forecast: A viral post predicting Bitcoin’s continuous rise prompted Schiff to criticize Bitcoin, urging followers to sell, despite its recent gains.

  • 2018 prediction backfires: In 2018, Schiff warned against buying Bitcoin at $3,800, suggesting it could drop lower. Bitcoin's massive growth since then has discredited this advice.

  • Ongoing criticism of Bitcoin: Schiff has long argued that gold is a superior store of value compared to Bitcoin, though some believe his criticism may be more about gaining attention.

  • Questions about Schiff's motives: Despite his outspoken criticism, Schiff has admitted that he might have invested in Bitcoin had he known its price trajectory, raising doubts about his true stance.

  • Debate continues: Whether Schiff’s advice holds or not, his comments continue to fuel the Bitcoin vs. gold debate, with both sides gaining attention.

Related: Microstrategy Joins MSCI World Index Amid Bitcoin Rally

Schiff's criticisms may not deter Bitcoin supporters, but they consistently reignite the conversation about Bitcoin’s potential.

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