Cryptocurrency analysts claim that a daily close above $65,000 in Bitcoin ($BTC) price will confirm the rally, otherwise the price could decline.

BTC, which rose following the US Federal Reserve’s decision to cut interest rates, continues its positive outlook. The leading cryptocurrency has gained nearly 10 percent since September 18. This increase has contributed to the inflow of money into altcoins.

Analysts claim that the continuous increase accompanied by FOMO (fear of missing out) has reached a decisive stage. According to analysts, if the bullish momentum is not confirmed, BTC price may enter a risky process.

BTC, which surpassed $65,000 for the first time since August 2 on September 26, has divided crypto analysts. While some traders welcomed BTC's price surpassing $65,000 as a positive, others believe a correction could begin at any moment.

In a market note published by Kraken analysts, the price of Bitcoin ($BTC ) is stated as follows;

“Recent price action reflects indecision in the market, as evidenced by a series of small-range doji candles forming on the daily chart.”

According to CoinGlass data, BTC open interest has increased by about 3.5 percent in the seven days since September 20. The interest in question is $35.61 billion.

Kraken analysts claim that if BTC fails to hold the $65,000 level despite increasing demand, the price could drop to $60,000. The investor note states as follows;

“BTC is at a very critical juncture, investors need to closely monitor price movements in the $65,000 region.”

Crypto analyst Matthew Hyland argues that the downtrend is starting to change for the first time with these surges. Matthew claims that a bull cycle has begun. Rekt Capital, a firm that shares a similar view to Hyland, claims that BTC is preparing to enter a “Parabolic Rising” phase.