Bitcoin Nears $57K: Key Resistance Holds as Market Awaits Fed Rate Decision
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
Bitcoin prices are currently trading near $56,469, struggling to break above a significant resistance level at $57,194. A downward trendline and the formation of a shooting star candle suggest that the bullish momentum may be fading, with a potential shift toward bearish sentiment.
If Bitcoin fails to close above the $57,194 mark, prices could drop to the next support levels at $55,309 and $53,636. However, a breakout above the resistance would signal a renewed bullish trend, with upside targets at $58,491 and $59,817.
Traders should watch for price movement around these key levels to assess the market’s next direction.
The cryptocurrency community is keenly watching the upcoming U.S. presidential election, as many speculate that a Donald Trump win could lead to a surge in Bitcoin prices.
Prediction markets like Polymarket show Trump holding a 6% advantage over Kamala Harris.
Trump has a 6% lead in the odds ahead of tomorrow's debate. pic.twitter.com/DS2AwNx1Dq
Analysts suggest Bitcoin could reach $80,000–$90,000 if Trump wins, but if Harris prevails, prices may drop to $30,000–$40,000.
Tokens linked to Trump have already seen price increases, reflecting investor anticipation.
According to Matt Hougan, Bitwise’s Chief Investment Officer, wealth advisors are adopting Bitcoin exchange-traded funds (ETFs) faster than any other ETF in history.
Traditional financial institutions make up 85% of this surge, with wealth advisors contributing $1.45 billion in Bitcoin ETF flows, despite Bitcoin’s recent 17% price drop since August.
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