According to Cointelegraph, Federal Reserve Chairman Powell announced a 50 basis point interest rate cut, the S&P 500 hit a record high, and gold prices continued to rise.

Bitcoin (BTC) price breaks out to $64,133, but daily price action remains within a six-month range. High timeframes show a structural decline in price, with futures liquidations driving price action.

Currently, the BTC price has retreated from the $65,000 resistance level. If the weekly close is below this level, the weekly low pattern is still valid. If the breakthrough fails, the price may retest the support level near the 20-day moving average (60,000 to 58,500 US dollars).

Bitcoin open interest increased after this week’s FOMC. If traders continue to attack the $64,000 to $66,000 range, it is expected to break through the descending channel and change the market structure.