💥💥Bitcoin Will “Struggle” to Break Through This Level 💥💥

Bitcoin could face more challenges as it tries to break through the $64,000 resistance.

With the US Federal Reserve (Fed) cutting interest rates by 50 basis points, the BTC price has gained more than 10% in the last seven days. Bitcoin, which broke a record of $73,000 in March 2024, is now testing $64,000 again.

Positive Outlook for Bitcoin and Gold

Jim Iuorio, executive director of TJM Institutional Services, said that falling interest rates have increased investors’ interest in assets such as Bitcoin and gold. “Assets (such as Bitcoin and gold) prefer lower interest rates relative to current economic conditions and could perform favorably in an environment where inflation could accelerate again,” Iuorio said.

A Tougher Process

Crypto analyst Bob Loukas said that the easiest part of Bitcoin’s bull rally is behind him, based on the daily cycle model. “Bitcoin will have to struggle to make gains in the coming period,” Loukas added.

In the meantime, options traders expect Bitcoin to gain even more in the coming month. According to Deribit data, there is a demand of $130 million for options with a strike price of $70,000 in options dated October 25.

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