Fed Liquidity May Not Be Enough to Push BTC Above $65k

Bitcoin's price has been steadily increasing, reaching a 1.7% gain in the new week after breaking above its six-day downtrend last week.

This breakout has sparked excitement among analysts, who believe that Bitcoin could finally see a move above $65k this week.

However, investors have been rotating out of Bitcoin and into gold, with the BTC/XAU ratio decreasing by 7.22% this month.

The recent liquidity injections from the Fed, totaling $17 billion, may provide the necessary catalyst for Bitcoin's price to rise above $65k.

However, it's not just about the liquidity - stablecoin outflows have been significant, with over $10 billion withdrawn from stablecoins in Q3.

The on-chain flows into gold are substantial, and if investors continue to rotate their assets into gold, it could make it harder for Bitcoin to break through the $70k barrier.