Bitcoin is trading at $67,200, rebounding from support at $66,850. The price faces resistance near $67,200, where a strong downward trendline could limit further gains.
Traders are closely watching this level, as breaking through may signal further bullish momentum in the near term, while failure to overcome this resistance could prompt a pullback.
Key market developments, such as the Fed’s potential rate cut, are also in focus.
How the Fed’s November Rate Cut Could Impact Bitcoin Prices
The U.S. Federal Reserve is set to meet on November 7, just two days after the 2024 presidential election, to discuss a possible 25 basis point (0.25%) interest rate cut.
According to the CME Group’s Fedwatch, there’s an 87.5% chance this cut will happen. The goal is to stimulate the economy by reducing borrowing costs, which could boost spending and investment.
This decision could have broader implications, as the outcome of the election, between former President Trump and Vice President Kamala Harris, may also impact the economy.
Key Points:
A rate cut could weaken the dollar, driving interest in Bitcoin. Investors may turn to Bitcoin as a hedge against easing monetary policy.This shift could potentially raise Bitcoin’s price as traders anticipate more favorable conditions for the cryptocurrency.
Crypto PAC Fairshake Prepares to Spend $40M Ahead of 2024 U.S. Elections
The crypto-focused political action committee (PAC) Fairshake is set to deploy over $40 million in the lead-up to the 2024 U.S. elections.
This PAC, backed by industry leaders like Coinbase, Ripple, and Andreessen Horowitz, has already invested $140 million in various congressional campaigns.
Fairshake’s goal is to push candidates to take crypto seriously, supporting both Democrats and Republicans.
One notable race involves Senator Sherrod Brown, who faces Republican Bernie Moreno, a Fairshake-backed candidate supportive of crypto.
Key Points:
Fairshake funds pro-crypto candidates on both sides of the political aisle. Major spending aims to shape positive crypto regulations, potentially boosting Bitcoin prices.Fairshake’s influence could foster more favorable legislation for the industry, driving long-term growth for digital assets.
UK’s Crypto Regulation Uncertainty Poses Challenges for MiCA-Evading Firms
Crypto businesses seeking to avoid the EU’s MiCA regulations face uncertainty regarding the UK’s regulatory landscape.
While Sophie Bowler of Zodia Custody foresees a short-term shift to the UK, experts like Natalia Latka of Merkle Science warn that the UK’s unclear policies and slow registration process may deter firms.
MiCA, set to launch in late 2024, imposes strict rules that may drive businesses from the EU. However, the UK’s evolving approach and lack of a clear regulatory framework raise concerns for those considering relocation.
Key Points:
MiCA may push crypto firms to explore the UK, but regulatory uncertainty remains a barrier. Clearer UK crypto regulations could boost market confidence and Bitcoin prices.The market’s hesitation reflects concerns over unclear UK regulations, but a stable framework may foster growth for Bitcoin and crypto adoption.
Bitcoin Faces Key Resistance at $67,200 Amid Bullish Momentum: What’s Next?
Bitcoin is trading at $67,200, bouncing back from key support at $66,850. A strong downward trendline near $67,200 continues to serve as resistance.
A break above this level could signal bullish momentum, supported by the recent bullish engulfing pattern above $66,850. Immediate resistance is $67,900, followed by $68,580 and $69,520.
On the downside, Bitcoin holds immediate support at $66,850, with further support at $65,610 and $65,030. The 50-day EMA at $67,210 is providing short-term guidance.
The RSI is currently at 53, suggesting moderate momentum and the possibility of further upward movement if Bitcoin breaks resistance.
Key Insights:
Bitcoin faces resistance at the downward trendline near $67,200. A bullish engulfing pattern above $66,850 hints at a bullish trend continuation. Immediate resistance at $67,900, with strong support at $66,850.Crypto All-Stars Presale Nears $2.6M as Bitcoin Adoption Drives Investor Momentum
As Bitcoin continues to gain traction globally, Crypto All-Stars is nearing a significant milestone in its presale. With just over a day remaining, the platform has raised $2,443,965 out of its $2,618,955 target.
This strong showing reflects growing investor interest as the presale approaches its final phase, with the current price of 1 $STARS at $0.0015067.
Crypto All-Stars has leveraged Bitcoin’s expanding influence to create a unique platform that combines meme coin staking opportunities with Bitcoin’s established market presence.
The project has seen rapid growth, initially raising $730,000 in just one week and now edging closer to its final goal. With only hours left until the price increases, investors are seizing the opportunity to buy into $STARS before the presale ends.
The platform distinguishes itself from competitors like Sun Wukong through strategic token allocation and long-term growth plans. Investors can purchase $STARS using ETH, USDT, BNB, or by card, with the window quickly closing.
Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all their development plans.
Buy Crypto All-Stars Here
The post Bitcoin Faces Key $67,200 Resistance as Fed’s Rate Cut and $40M Crypto PAC Spending Loom appeared first on Cryptonews.
