Key Bitcoin Price Levels to Watch Right Now

Bitcoin climbed above $64,000 following the Federal Reserve's unexpected 50 basis point rate cut, marking its first reduction in four years.

This bolder move from the Fed, which was larger than the anticipated 25 basis point cut, surprised market analysts.

The Fed’s decision drove up Bitcoin and other cryptocurrencies, leading experts to speculate on future price trends. FxPro’s senior analyst Alex Kuptsikevich noted that Bitcoin faces key resistance around $64,000.

He believes that surpassing this level could lead to further gains, given that Bitcoin has been in a downtrend since March.

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Bybit’s Chris Aruliah added that historically, interest rate cuts have boosted risky assets like cryptocurrencies. He suggests Bitcoin’s trajectory will depend largely on short-term investor actions.

Pi42 CEO Avinash Shekhar identified $60,000 and $62,000 as critical levels for Bitcoin. He indicated that a rise above $62,000 could ignite bullish momentum, while a drop below $60,000 might increase selling pressure.

At the time of writing, Bitcoin is trading at $63,100 after a 9.6% weekly surge.

Kosta Gushterov