Bitcoin Price Surges to $70,000 Amid US Government Shutdown

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 19 hours ago

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Price Rebound: Bitcoin (BTC) reached $70,000 on Saturday, significantly up from the year-to-date low of $60,000, indicating strong market confidence in cryptocurrencies, particularly amid the partial government shutdown in the US.
Market Reaction: This price surge coincided with a rally in the stock market on Friday, reflecting investor optimism about economic prospects, even though government shutdowns typically do not have a major impact on Bitcoin prices.
Rate Cut Expectations: The market widely anticipates that the Federal Reserve may implement more interest rate cuts than previously expected, especially following the release of the latest consumer inflation and non-farm payroll data, which further fueled Bitcoin demand.
Increased ETF Investment: Cautious purchases of spot Bitcoin ETFs led to an increase of over $15 million in assets on Friday, reflecting ongoing market interest in Bitcoin and potential upward momentum.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	49738.046	54869.023	62009.456	67140.433	74280.866	79411.843	86552.276
Fibonacci	54869.023	59556.702	62452.754	67140.433	71828.112	74724.164	79411.843

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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