Bitcoin Price Prediction: Short-Term Bounce Ahead, But $56K Dip Threatens Larger Rally

Quick Summary:

Recently, as the DXY began to rise, Bitcoin’s price has seen a downward movement, which further confirms this negative correlation.

This negative correlation between Bitcoin and the DXY isn’t perfect, as there are times when they can move together.

If Bitcoin breaks below this support, the next levels to watch are $59,500, $58,000, and a more substantial support zone between $56,000 and $57,000.

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Article Details

Author / Journalist: Anjali Belgaumkar

Category: Crypto

Markets: United States

Topics: Bitcoin Price Analysis Crypto news Cryptocurrency News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-04 @ 05:34:41 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: coinpedia.org

Language: English

Article Length: 355 words

Reading Time: 2 minutes read

Sentences: 26 lines

Sentence Length: 14 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coinpedia

News ID: 22876177

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About Coinpedia

Main Topics: Crypto

Official Website: coinpedia.org

Update Frequency: 16 posts per day

Year Established: 2016

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

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