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Bitcoin Faces Resistance at $59K Amidst Market Fluctuations

Published 10-09-2024, 04:07 pm
Updated 10-09-2024, 07:15 pm
Bitcoin Faces Resistance at $59K Amidst Market Fluctuations
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The News Crypto -

  • Bitcoin ETFs experienced a net outflow of $287M, followed by a $28.6M inflow on Sept. 9.
  • RSI at 42.21 suggests a slight bearish sentiment, with the potential for further price consolidation or decline.
As of September 10, 2024, Bitcoin (BTC) is trading at $57,027 according to CMC (NS:CMC) data, reflecting a slight pullback following recent upward movements. The cryptocurrency’s 24-hour trading volume has surged by 46%, reaching $33.83 billion, indicating heightened market activity and its market cap has increased by 3.12% to $1.12 trillion.

The U.S. spot Bitcoin ETFs have experienced notable fluctuations, with investors gradually withdrawing from the market. In recent weeks, ETFs saw a massive net outflow of $287 million, the largest in four months, coinciding with the coin’s struggles to find stable support levels. Bitcoin ETFs saw a net inflow of $28.6M on Sept. 9, ending an 8-day streak of outflows. However, some funds, like BlackRock’s iShares Bitcoin Trust, still show strong long-term performance, maintaining positive momentum since its launch​

While Bitcoin faces resistance, Bitcoin ETFs remain in focus. BlackRock (NYSE:BLK) and Fidelity have led substantial inflows in prior months, but market sentiment has become mixed due to recent outflows. If market confidence in ETFs rebounds, we could see a new wave of institutional participation, positively impacting Bitcoin prices. Additionally, any regulatory developments surrounding Bitcoin ETF approvals could serve as short-term catalysts for price movements​.Bitcoin at a Critical JunctureBitcoin is facing significant resistance at $59,381. If this level is broken, the next target would be the second resistance level at $61,076. The price is hovering near a critical juncture. If it can successfully breach the $59,381 resistance level, we might witness another rally towards $61,076. Bitcoin (BTC) Price Chart (Source: TradingView) However, if Bitcoin fails to break above the $59,381 resistance, it could test the support level of $53,933. This support is a safety net for bulls, providing a potential rebound zone if bearish pressure intensifies.The RSI currently stands at 42.21, indicating that the coin is neither overbought nor oversold territory. However, this value shows a slight leaning toward bearish sentiment, suggesting that the recent drop in the coin’s price might extend if the RSI continues trending downwards, While a rebound might indicate consolidation before another price surge.

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This content was originally published on The News Crypto

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