According to TechFlow, on September 19, Decrypt reported that after the Federal Reserve announced an interest rate cut, the price of Bitcoin broke through the $62,000 mark, but analysts believe that $60,000 is still a key resistance level.
Alex Kuptsikevich, senior market analyst at FxPro, said: "The crypto market has been in a downward channel since mid-March. Only a break above the previous peak of $2.25 trillion can change this trend. Bitcoin may encounter serious resistance around $64,000, and a break above this level will open up an upward channel."
"Short-term holders have been selling since August, which could signal a bottom in prices, while long-term holders are holding support above $60,000. This creates a tug-of-war between bulls and bears," said Avinash Shekhar, co-founder and CEO of Pi42. He added that further rate cuts could drive Bitcoin higher, making $60,000 a key battleground. "A break above $62,000 could spark bullish momentum, while a break below $60,000 could extend selling pressure."
