Bitcoin (BTC) Nears $64,000: What Analysts Say

Bitcoin (BTC) has surged to near $64,000 following positive US employment data last week.

Bitcoin began to recover after the US released its monthly employment report on Friday. The report stated that 254,000 new jobs were created in September, exceeding the Dow Jones estimate of 150,000. “There is increasing optimism, which shows that the US economy is in full swing right now,” said Presto Research analyst Min Jung.

BTCMarkets crypto analyst Rachel Lucas said that the increased liquidity came as market sentiment improved and expectations for another US Federal Reserve rate cut in November increased.

Lucas explained that another factor supporting the Bitcoin rally was the decrease in Bitcoin held on centralized exchanges, which is generally associated with upward price movements due to reduced selling pressure in the market.

“To continue this rally, Bitcoin needs to break the key resistance at $64,500. Once this level is broken, we could retest $66,000,” Lucas added. Both Lucas and Presto’s Jung said that geopolitical tensions in the Middle East pose a significant risk to the sustainability of Bitcoin’s recent rally.

The famous analyst believes that despite the slow start to October, Bitcoin will rise rapidly once it gains momentum.

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