Bitcoin Holds Ground as Resistance Zone Looms Large
Bitcoin's price has been relatively stable at around $84,680 over the past 24 hours after a week of significant growth. However, beneath the surface, there are signs of accumulation and potential for further price increases.
The Federal Reserve's recent rate hike and the Senate's failure to advance the CLARITY Act led to a brief dip in Bitcoin's price near $75,000 before it rallied back up to $87,392 on September 21. The current resistance level of $86,093 has been rejected twice by the market, making it a crucial point for bulls and bears.
ETF flows, whale wallets, and thinning exchange reserves are all contributing to the potential for a break above this resistance level. However, if momentum has simply run its course, Bitcoin's price may continue in its current range-bound trading between $83,000 and $86,000.