Bitcoin 
$62,198 The price is facing resistance at around $62.2 thousand. This level increases the likelihood of a quick turnaround and could extend the current seven-month consolidation. Despite the sideways price movement, BTC’s long-term outlook is considered positive.
Bitcoin Price Today is 62 Thousand Dollars
Bitcoin, which increased by 2.20% on Friday, is trading at 62 thousand dollars today. Since weekends generally have low liquidity, increased volatility in crypto markets can be expected.
BlackRock: BTC May Provide a Hedge Against the US Dollar
BlackRock, the world’s largest asset manager, emphasized the importance of Bitcoin at the 2024 Digital Asset Conference in Brazil. BlackRock announced that the purchasing power of the US dollar decreased from 1 dollar in 1913 to 0.03 dollars in 2023.
“Bitcoin stands out as a global financial alternative thanks to its fixed supply, decentralized governance and low transaction and storage costs.” – BlackRock
BTC Price Forecast: More Drops Expected?
The three-day BTC price chart shows that the trend is trying to change with higher lows and highs formed in September. If Bitcoin surpasses the $65.5K level, a rally towards $70K is expected to be triggered.
The daily chart shows that BTC buyers are trying to revisit the $63.9K-$65K resistance zone. Breaking through this zone could increase the potential for Bitcoin to reach new all-time highs.
BTC’s market cap stands at $1.3 trillion and is still in the early stages compared to gold and US bonds. Bitcoin is also considered an anti-inflation asset and provides an alternative to the weakening purchasing power of the US dollar.
Although the outlook for BTC is quite positive in the long term, the price is likely to decline if it fails to surpass the $65,000 resistance level in the short term. It is important for investors to follow market movements carefully.
Some experts state that Bitcoin is gaining importance as a store of value in current economic conditions and may be a suitable option for portfolio diversification.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
