Alex Kuptsikevich, senior market analyst at FxPro, said: "The crypto market has been in a downward channel since mid-March. Only a break above the previous peak of $2.25 trillion can change this trend. Bitcoin may encounter serious resistance around $64,000, and a break above this level will open up an upward channel."
"Short-term holders have been selling since August, which could signal a bottoming of prices, while long-term holders are maintaining support above $60,000. This creates a tug-of-war between bulls and bears," said Avinash Shekhar, co-founder and CEO of Pi42. He added that further rate cuts could drive Bitcoin higher, making $60,000 a key battleground. "A break above $62,000 could trigger bullish momentum, while a break below $60,000 could extend selling pressure."
