Ongoing outflows from US spot Bitcoin ETFs and Federal Reserve Chairman Kevin Warsh’s hawkish stance upon taking office have unnerved risk assets, causing Bitcoin to fall below $64,000.
At this point, investors are pricing in an increased probability of an interest rate hike before the end of the year, while analysts say $BTC is at a turning point.
$64,000 is Crucial for Bitcoin!
First, on-chain analyst Axel Adler Jr. stated that despite the Fed not raising interest rates and keeping them at 3.50-3.75% for the fourth consecutive time, the dot plot showed a hawkish trend, which reduced appetite for risky assets.
At this point, the analyst stated that nine of the committee members expect at least one interest rate hike this year, and six expect two or more, painting a negative picture for $BTC.
Adler also argued that for the downtrend to stabilize and become neutral, $BTC needs to remain in the $64,000 to $65,000 range, supported by significant trading volume.
Similarly to Axel Adler, popular analyst Ali Martinez also pointed to $64,000 for Bitcoin.
According to Martinez, if Bitcoin holds the $64,000 support level, the next target will be $69,000.
The analyst stated that he is closely watching the $64,000 support level in Bitcoin, noting that $BTC is currently showing short-term strength by forming an ascending channel, with the lower support line around $64,000.
He added that if this channel holds, the next targets could be the channel’s middle line at $66,800 and the upper resistance line at $68,800.
Lastly, leading cryptocurrency analyst Michaël van de Poppe also pointed to the $64,000 level for Bitcoin.
He identified $64,000 as a key variable that will determine the future direction of Bitcoin and the market.
The analyst argued that if $BTC fails to hold the $64,000 support level, it could test lower lows, but if it maintains that level, the next target range could be between $74,000 and $79,000.
He even added that this rise in Bitcoin could support an altcoin bull run.
The analyst also noted, citing the $BTC/Gold ratio and the RSI indicator, that Bitcoin is currently showing a pattern similar to its historical lows.
*This is not investment advice.
