{"id":10629,"date":"2023-11-07T13:29:54","date_gmt":"2023-11-07T13:29:54","guid":{"rendered":"https:\/\/infundpros.com\/investment\/bitcoin-may-be-losing-speed-but-the-next-rally-could-carry-it-past-40000\/"},"modified":"2023-11-07T13:29:55","modified_gmt":"2023-11-07T13:29:55","slug":"bitcoin-may-be-losing-speed-but-the-next-rally-could-carry-it-past-40000","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10629","title":{"rendered":"Bitcoin May Be Losing Speed. But the Next Rally Could Carry It Past $40,000."},"content":{"rendered":"
\n
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<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies slipped on Tuesday but remained near relatively elevated levels after a recent rally. While cryptos may have lost some speed, the technical market backdrop suggests more gains could be coming.<\/p>\n

The price of Bitcoin has fallen less 1% over the past 24 hours to below $34,700, slipping further from its recent peak near $36,000, which was reached last week and marks the token\u2019s highest point since cryptos slid into a brutal bear market in May 2022. The largest digital asset has rallied some 30% in a matter of weeks, snapping out of a multi-month lull that had seen historically low volatility and trading volumes.<\/p>\n

\n

\u201cBitcoin is poised to digest its gains in the coming days, noting it has seen a loss of short-term upside momentum near resistance around $35,900,\u201d said Katie Stockton, managing partner at technical research firm Fairlead Strategies.<\/p>\n

While there are signs that Bitcoin has lost some of its momentum\u2014holding around the $35,000 level for the past week\u2014the technical backdrop still looks good, and may help Bitcoin continue to outperform the
\n Dow Jones Industrial Average
\n and
\n S&P 500.<\/span>\n <\/p>\n

\u201cWe maintain an intermediate-term bullish stance, noting our weekly indicators point higher,\u201d said Stockton. \u201cShould Bitcoin see another breakout, it would put next resistance near $42,200.\u201d<\/p>\n

Beyond the technical backdrop, crypto-native and macroeconomic catalysts alike continue to buoy token prices.\u00a0<\/p>\n

Bulls remain optimistic that U.S. regulators will approve the first spot Bitcoin exchange-traded fund (ETF), which would be expected to usher in a fresh wave of investor interest in digital assets. Geopolitical risks from conflict in the Middle East have also renewed calls for Bitcoin as \u201cdigital gold,\u201d with signs that traders have flocked to the token as a haven asset. Expectations that the Federal Reserve will not have to raise interest rates any further also has boosted sentiment.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014dropped 1% to $1,875. Smaller tokens also were muted, with
\n Cardano
\n down 2% but
\n Polygon
\n remaining above flat. Memecoins were mixed, with
\n Dogecoin
\n up 2% and
\n Shiba Inu
\n down less than 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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