Bitcoin has surpassed $62,000 after the Fed's decision to cut interest rates by 50 basis points, marking the first cut in four years, took Wall Street analysts by surprise.
Although many experts predicted the Fed would only cut 25 basis points, the 50 basis point decision shocked the entire market.
Will Bitcoin Continue to Rise?
In a conversation with Decrypt, Alex Kuptsikevich, senior analyst from FxPro, said that risk sentiment towards Bitcoin and cryptocurrencies has increased following the decision.
He sees $64,000 as a key resistance level, which could see Bitcoin prices continue to rise if it breaks through.
“The crypto market has been moving in a bearish corridor since mid-March. Bitcoin’s previous peak of around $64,000 coincides with the 200-day moving average. A break above this resistance would open the door to further upside,” he said.
Chris Aruliah, President of Bybit Institution, also predicted Bitcoin's growth. He pointed out that rate cuts and low interest rates often cause investors to move to riskier assets like cryptocurrencies.
He believes that the future price of Bitcoin will depend on the behavior of short-term investors.
Important Levels for Bitcoin
Avinash Shekhar, CEO of Pi42, emphasized that $60,000 and $62,000 are important thresholds for Bitcoin.
If the price breaks above $62,000, the bullish momentum will continue, but if it falls below $60,000, selling pressure will increase.
“Short-term traders have been selling since August, suggesting that BTC has reached a potential bottom, while long-term traders hold support above $60,000. $60,000 remains a key battleground. A price above $62,000 could restart the rally, while a drop below $60,000 could prolong the selling pressure.”
