Will BTC price reach $66,000?
Bitcoin ETFs and pre-FOMC meeting hype currently supporting the uptrend are fueling sentiment.
With the recapture of the $60,000 region, will Bitcoin continue its bull run this week with a possible rate cut? But will the $54,000 support hold if the FOMC decides otherwise? Let’s find out.
BTC price is expected to surge with rate cuts as speculation supports a continued bull cycle in the long channel pattern. Moreover, bullish sentiment is rising as 65% of market participants expect a 50 basis point rate cut.
Rate cuts simplify the lending process and channel funds into riskier assets like Bitcoin. This year, Bitcoin has risen by nearly 10% multiple times, driven by global market catalysts. A similar move, a 10% increase from the current market price in the event of a rate cut, would challenge the upper trendline around $66,000.
The RSI line is above the 50% half line, and the 14-day SMA line maintains an upward trend. Therefore, the momentum indicator reflects a surge in bullish momentum and increases the chances of an uptrend.
On the other hand, if the FOMC meeting decides to maintain the current interest rate, or in the unlikely event of a rate hike, the BTC price may fall back to the $54,000 support level, and in extreme cases, it may break through the $50,000 support level near the descending trend line.
