Bitcoin Price Analysis: Run on Sell Side Liquidity Could Sink BTC Price Lower to $45,000
- PHPzOriginal
- 2024-09-07 00:36:121066browse
BTC price is transitioning to a bearish phase, breaking from the $59,000–$62,000 resistance zone.
Bitcoin price analysis shows BTC transitioning to a bearish phase after breaking from a crucial resistance zone. The price is expected to face strong resistance between $60,000 and $62,000.
On the other hand, a key support level appears around $54,000. Moreover, the Fair Value Gap (FVG) between $45,000–$50,000 remains a long-term target for a continued bearish move.
After a week of relative calm, Bitcoin price action could see heightened volatility later today with the release of the U.S. Nonfarm Payrolls report.
This key labor market indicator is expected to show that the US created 164K net new jobs last month, which would be good news for Bitcoin.
If the report drops below expectations, it could signal economic weakness, leading to a weaker US dollar. Since Bitcoin is often seen as a hedge against fiat currency devaluation, a weaker dollar could drive more investors toward Bitcoin, potentially increasing its price.
Despite the bearish outlook, there may be a silver lining for BTC. If the NFP report significantly misses expectations, Bitcoin could initially dip due to increased market uncertainty.
However, if the Federal Reserve signals a more accommodative monetary policy in response, Bitcoin could benefit from a weaker dollar and lower interest rates, potentially driving its price higher in the medium to long term.
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