Where did Bitcoin break through the key resistance level of 64500 US stocks rise Dow Jones and SP hit new highs

CoinWorld reported:


Bitfinex analyst reminded investors in an interview yesterday (24th) that the current rebound of Bitcoin does not confirm the end of the long-term downtrend, and it is necessary to continue to observe whether Bitcoin can break through the relative high of $65,200 on August 25th.
After briefly hitting $62,700 in the evening of yesterday, Bitcoin rebounded again and reached a high of $64,698 around 7 o’clock this morning (25th), seemingly about to challenge the key level of $65,000.
Currently, Bitcoin has slightly pulled back and was trading at $64,198 at the time of writing, with a 1.98% increase in the past 24 hours.


Bitfinex analyst: Key resistance level for Bitcoin at $65,200
Regarding the future trend of Bitcoin, the Bitfinex exchange analyst reminded investors in an interview yesterday (24th) that the current rebound does not confirm the end of the long-term downtrend, and it is necessary to continue to observe whether Bitcoin can break through the relative high of $65,200 on August 25th:
Bitcoin needs to break through the high point of $65,200 in August to confirm the end of the long-term downtrend.
Currently, Bitcoin is very close to this resistance level. This point is important because Bitcoin has been in a downtrend since it reached a historical high of $73,666 on March 14th this year. The $65,200 level is a previous high before the September decline, and breaking through this level would indicate the formation of a bottom.


Bitcoin has been in a downtrend since March
However, the analyst added that the short-term trend of Bitcoin may still lean towards consolidation, as the buying power seems to have weakened recently:
Bitcoin is likely to form a new consolidation range at the current price and oscillate for a period of time.
As we have observed before, the previous price increase was driven by spot buying, followed by the contract and futures markets. However, the spot buying has slowed down, and once the price breaks through $63,500, the spot trading volume will become more stable.
Rise of the Four Major US Stock Indexes
The People’s Bank of China proposed three major policies yesterday to boost the weak economy. A-shares and Hong Kong stocks both rose, and Chinese companies listed in the United States also experienced a wave of surges in stock prices. Coupled with investors’ optimistic sentiment about interest rate cuts, the US stocks rose on the 24th, with the Dow and S&P 500 indices hitting new all-time highs at the close.
The Dow Jones Industrial Average rose 83.57 points, or 0.20%, to close at 42,208.22 points, marking a new high for the fourth consecutive trading day.
The S&P 500 index rose 14.36 points, or 0.25%, to close at 5,732.93 points.
The Nasdaq Composite Index rose 100.25 points, or 0.56%, to close at 18,074.52 points.
The Philadelphia Semiconductor Index rose 65.97 points, or 1.31%, to close at 5,091.78 points.


Matrixport: Bitcoin volatility expected to continue to decrease
In addition, Matrixport released a new research report on Twitter yesterday, stating that the price of Bitcoin has remained within a range of ±20% over the past 18 months, and with the launch of Bitcoin ETF-related options and the participation of institutional investors, the volatility of Bitcoin will be further compressed. Therefore, it is recommended for investors to adopt a strategy of selling volatility to gain additional returns:
Although Bitcoin is naturally volatile, the 30-day rolling return rate shows that its price has remained within a fluctuation range of ±20% over the past 18 months. We expect the volatility to further decrease, so we recommend adopting an option-selling strategy in early 2023, including selling out-of-the-money put and call options to obtain additional returns.
Even though this strategy may result in losses, overall it still performs well as volatility continues to decline. With the launch of Bitcoin ETF-related options, more institutional participants are expected to enter the market, further compressing the volatility.
Therefore, selling volatility remains a feasible strategy for Bitcoin holders to gain additional returns.