{"id":19867,"date":"2024-09-24T19:37:14","date_gmt":"2024-09-24T19:37:14","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=19867"},"modified":"2024-09-24T19:37:14","modified_gmt":"2024-09-24T19:37:14","slug":"bitcoin-struggles-under-65000-as-seller-pressure-eases-whats-the-situation","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/bitcoin-struggles-under-65000-as-seller-pressure-eases-whats-the-situation\/","title":{"rendered":"Bitcoin Struggles Under $65,000 as Seller Pressure Eases: What\u2019s the Situation?"},"content":{"rendered":"\n

Bitcoin has shown resilience recently, recovering nearly 30% after dropping to about $49,000 in early August. Although the price is still below $65,000, the current trends suggest a strengthening bullish momentum as various fundamental factors align in favor of the leading cryptocurrency. Analyzing the daily chart, this response level matches with the peak prices from August.<\/p>\n

If buyers can gain enough momentum to surpass the $65,000 mark, Bitcoin could potentially rise to $70,000, a key psychological threshold, and even surpass $72,000. This would represent the first time since June that bullish activity has successfully breached this resistance level.<\/p>\n

<\/a><\/p>\n

<\/span>Bitcoin’s Rise Amid Easing Selling Pressure: The Challenge of Surpassing $65,000<\/span><\/h2>\n

The struggle for buyers to break through the $65,000 barrier occurs despite on-chain data indicating a decrease in selling momentum. Following market fears in early September, many traders have shifted their focus to buying long positions and minimizing losses.<\/p>\n

One analyst on X highlighted a significant decline in BTC sales at a loss over the past week. The Bitcoin realized cap suggests that losses for traders dipped from over $5 million to approximately $4.7 million. According to the analyst<\/a>, this trend shows that many sellers are opting not to unload their coins at a loss, which could lay the groundwork for further gains in price.<\/p>\n

\"Bitcoin<\/p>\n

Currently, the primary resistance level appears to be $65,000; however, bulls have struggled to break past this liquidation threshold even with strong confidence.<\/p>\n

<\/span>Bitcoin’s Sharpe Ratio at 11.8% Points to Potential Growth<\/span><\/h2>\n

As selling pressure dissipates, the same analyst noted<\/a> that the Bitcoin Sharpe ratio is currently around 11.8%. This ratio is used by on-chain analysts to evaluate risk-adjusted returns in comparison to U.S. treasuries.<\/p>\n

\"Bitcoin<\/p>\n

This ratio indicates that Bitcoin holders have seen better returns over the past year compared to bond investors. In general, a Bitcoin Sharpe ratio approaching 20% suggests a market peak. Therefore, with the current ratio at 11.8%, it implies that there remains potential for growth before reaching speculative heights.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has shown resilience recently, recovering nearly 30% after dropping to about $49,000 in early August. Although the price is still below $65,000, the current trends suggest a strengthening bullish momentum as various fundamental factors align in favor of the leading cryptocurrency. Analyzing the daily chart, this response level matches with the peak prices from […]<\/p>\n","protected":false},"author":1,"featured_media":19868,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Bitcoin Struggles Under $65,000 as Seller Pressure Eases: What\u2019s the Situation? - Bitrabo","description":"Bitcoin has shown resilience recently, recovering nearly 30% after dropping to about $49,000 in early August. Although the price is still below $65,000, the cur"},"footnotes":""},"categories":[316],"tags":[4775,4790,448,7444,8826,827,2856,929,4826,807],"class_list":["post-19867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-4775","tag-4790","tag-bitcoin","tag-losing","tag-losing-momentum","tag-momentum","tag-sellers","tag-stalls","tag-whats-going-on","tag-whats"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/19867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=19867"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/19867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/19868"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=19867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=19867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=19867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}