Bitcoin has shown signs of slowing down after the Fed’s announcement of rate cuts. Even though it reached a peak of $64,121, it still hasn’t crossed the crucial $65,000 mark.
Current Market Situation
Currently stable around $62,700, traders are closely watching this critical threshold, which seems to be the tipping point for the next major bullish push. Experts agree that as long as this resistance is not broken, it is difficult to anticipate a true resurgence of energy for the king of cryptos.
Key Level $65,000
The $65,000 threshold is seen by many analysts as a true wall to overcome, despite the $55 billion invested in Bitcoin ETFs this year. According to Daan Crypto Trades, “the $65,000 threshold represents a pivot point in terms of liquidity and could trigger a real bullish breakout in the market.” Indeed, the demand for bitcoin remains strong on crypto exchanges like Binance, but it is still not enough to break this key resistance. Market volatility seems to be concentrated around this area, with a sideways trend that could last a few days. Moreover, the accumulated sell orders just below this threshold indicate that a large number of investors are ready to take profits as soon as the price rises.
Consolidation in Crypto Market
The overall crypto market is experiencing a phase of consolidation after recent upheavals induced by the rate cuts. If Bitcoin struggles to break $65,000, other cryptos are facing a similar fate. Institutional investors continue to closely monitor the market, waiting for clear signals before reinvesting massively. However, analyses show that there is a potential for a rebound in the coming days, particularly if a phenomenon of FOMO (fear of missing out) starts to spread among global investors. Trading volumes remain moderate, indicating that most traders are waiting and observing market trends in the US and Asia. Even with bitcoin at $62,000, long-term investors remain calm.
Those who were expecting a price explosion post-FED will have to wait a little longer, as technical indicators do not foresee an imminent breakthrough.
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