Bitcoin (BTC) Price Analysis: BTC Confirmed a Bearish Signal, While ETH Faces Rejection From a Crucial Resistance Level

Bitcoin's long-term trajectory remains bullish, especially in light of the increasing U.S. government debt and resulting inflationary pressures.

The price of Bitcoin has been on a bullish trajectory, largely influenced by the increasing U.S. government debt and the resulting inflationary pressures. This dynamic has been a key factor in driving up the value of Bitcoin, given its fixed supply and status as an inflation hedge among many investors.

However, a recent analysis by CryptoSlate highlights a new bearish signal emerging on the Bitcoin chart. This signal indicates a potential break or cool-off from the recent bullish price action.

Meanwhile, Bitcoin continues to face resistance at the $68.3k level, with another significant resistance zone lying between $72k and $74k. On the downside, there is strong support in the $63k to $64k range.

The U.S. government debt has now reached a record high of $35 trillion. This increase in debt leads to more currency being created, which can ultimately devalue the U.S. Dollar and result in inflation.

On the other hand, Bitcoin has a fixed supply, which means that as the value of the U.S. Dollar decreases due to inflation, the value of Bitcoin may increase in response to the rising U.S. Dollar supply. This dynamic could contribute to the rising value of Bitcoin, especially in the long term.

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