$BTC price to Hold 65000$ Support:.
Bitcoin price looks set to consolidate above the support $65,000 level despite the current negative market sentiment,As we posted Before about #bitcoin analysis.
Now we discuss the situation of this price fluctuation.
•Bitcoin price fell as low as $66,865 on Wednesday, June 13, as the US Federal Reserve dashed investors’ hopes of an H1 2024 rate cut; on-chain data trends explain how BTC managed to stay above the critical $65,000 support level.
•Bitcoin Price Tumbled 7% After US Fed Rate Pause Decision:
The crypto market slipped further into is on-going consolidation phase, as bulls failed build on the positive start to June 2024.
Despite the slowing CPI inflation signalling an imminent economic soft-landing, the US Federal Reserve has opted to keep interest rates at elevated levels after the latest #FOMC_Meeting_Results on June 12.
As expected, risk assets markets including the crypto sector reacted negatively to the Fed rate pause decision.
•Long-term Investors Unwilling to Sell Bitcoin:
After nearly a weeks of rising market volatility, Bitcoin sellers are now showing early signals of fatigue. If it persists, this move could spark a mild BTC price rebound phase in the coming weeks.
As seen below in second chart, there’s large cluster of 1 million addresses, that acquired 573,740 BTC at the average price of $65,591.
To avoid slipping to a net-loss position, majority of those holders could opt to make covering purchases
