Bitcoin turns higher after Fed meeting, reclaiming $67,000
Bitcoin has declined 10% in the past week after hitting an all-time high of $73,797.68 last Thursday. It's still up 53% for the year.
Bitcoin is a bit of everything — sometimes it trades like a high beta tech stock."
If bitcoin were to fall below the $60,000 threshold, the cryptocurrency could weaken further to test the $50,000 to $52,000 level, Ayyar added, "which would be our line in the sand for this bull market to sustain [itself] going forward."
"There has been an inverse relationship between rates and bitcoin price," said Oppenheimer executive director Owen Lau.
"When the Fed increased interest rates in 2022, it took out liquidity from the market, which impacted bitcoin and tech stocks. When the Fed cuts rates, it provides liquidity to the market, which should benefit risky assets such as bitcoin."
