Bitcoin drops near $63K, correcting from overbought conditions, but still set for strong September.

From Investing.com

September 30, 2024 9:02:43 AM:

Bitcoin dropped to $63,259, down 2.64% in 24 hours due to technical overbought conditions. The decline is part of a broader correction after hitting a resistance trendline. September marks the coin’s best month in years, with gains of 7%. Crypto ETFs saw $1.2 billion inflows, with U.S.-based funds leading.

Bitcoin’s dip mirrors U.S. stock market movements as traders await key economic reports and speeches by Federal Reserve officials. Futures suggest a modest interest rate cut, historically positive for Bitcoin. Israeli airstrikes on Beirut also contributed to the drop as Bitcoin reacts to geopolitical tensions.

In a surprising turn of events, Bitcoin’s decline contradicts its usual narrative as a hedge against instability. Despite this, the original cryptocurrency remains on track for significant gains, potentially hitting support levels at $63,000 or lower. Crypto ETFs and Bitcoin-focused funds saw inflows, reflecting continued interest in the market.

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