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As we look ahead to the future expectations and risks in the stock market, there are key factors to consider that could impact the movement of BTC in the coming months. The possibility of multiple Fed rate cuts in 2024 and a soft economic landing could potentially drive BTC towards $65,000. However, investors must also be wary of US BTC-spot ETF flow trends and oversupply risks that could pull BTC back to $55,000. It is crucial for investors to stay informed and vigilant in managing their exposure to BTC and the broader crypto market.
Dive into Technical Analysis and Bitcoin Insights
When it comes to technical analysis, BTC has remained above the 200-day EMA while staying below the 50-day EMA, indicating bearish near-term signals but bullish longer-term prospects. A break above the 50-day EMA could pave the way for a move towards the $64,000 resistance level, with potential for further gains towards $69,000. It’s important to keep an eye on US BTC-spot ETF market flow trends, supply-related news, and Federal Reserve commentary for a comprehensive understanding of market dynamics.
On the flip side, a break below the 200-day EMA could signal a drop to $55,000, with further downside potential towards the $52,884 support level. With the 14-Daily RSI reading at 49.82, BTC may see a pullback to the $55,000 handle before potentially entering oversold territory.
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