#Bitcoin dipped below $65,000 on Thursday amidst a resurgence in the U.S. dollar, partially offsetting gains from the previous day's bounce fueled by a dovish stance from the Federal Reserve.🌀🧩
BTC saw a 5% decline, dropping to $64,600 from a morning high above $68,000. Altcoins generally outpaced bitcoin, with XRP, FIL, and ICP gaining 6%-7%, while SOL, AVAX, and APT experienced 2%-3% losses.🧩🌟
The U.S. dollar's strength, spurred by a surprise interest rate cut by the Swiss central bank, played a role in bitcoin's weak performance. The move erased Wednesday's sharp drop following Jerome Powell's dovish comments, as markets anticipated other central banks might follow suit.👍🏼🧩
According to market analyst Michael Kao, the dollar's resurgence suggests global central banks may out-dove the Fed, despite Powell's rhetoric.💠🌟
Swissblock analysts suggested that bitcoin's correction was complete before Wednesday's bounce, targeting $58,000-$59,000. They anticipate "much higher levels" in the next phase, expecting strong performances from altcoins and bitcoin miners.🌟🧩
Crypto trader Jelle believes the correction bottomed out, provided BTC maintains the $65,000 level. He suggests potential consolidation before a breakout above $69,000, the 2021 market cycle peak, reigniting the rally.☄️🌀
Overall, despite short-term fluctuations, analysts remain optimistic about bitcoin's trajectory and its potential to lead the market to higher prices.👍🏼🧩
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