Will Bitcoin break the $65,000 mark?
A few hours ago, the world's leading cryptocurrency Bitcoin hit a 25-day high of $64,133. Bitcoin has risen 10.3% in the past week as bulls make a comeback.
Despite a bearish trend at the beginning of the month, Bitcoin is currently trading at $63,821.27, up 3% in the past 24 hours, although the trading volume is down 11%, indicating investors are cautious.
The surge in Bitcoin prices coincides with a general rise in risk-driven assets after the Federal Reserve cut interest rates by 50 basis points, the first easing cycle since 2020. Although the rate cut was welcomed by the market, it also raised concerns about the fragility of the US economy. Fed Chairman Jerome Powell echoed these concerns, noting that the risks between inflation and a cooling labor market are now balanced.
When will BTC break $65,000?
The next resistance for Bitcoin is found at $64,521 and $64,928. A sustained bullish push could see the cryptocurrency break above $65,000, while a bearish reversal could result in a drop to $60,366 with support at $59,567. The daily relative strength index (RSI) is at 63. This suggests that the market is overbought.
As Bitcoin hovers near key resistance levels, traders remain wary, watching closely for signs of continued strength or a potential reversal.
