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Bitcoin faces key $64,000 resistance amid global rate cuts

Bitcoin faces key $64,000 resistance amid global rate cuts

GrafaGrafa2024/09/25 09:20
By:Mahathir Bayena

Bitcoin (CRYPTO:BTC) experts are expressing cautious optimism as both the U.S. Federal Reserve and China implement economic measures that could benefit the crypto market. 

The Federal Reserve has left the door open for more rate cuts, following an initial 50 basis-point reduction, with President Neel Kashkari stating that "we will probably take smaller steps" moving forward. 

Meanwhile, China has enacted its own cuts and injected over $10 billion in liquidity into its central bank, signaling a broader global impact on markets. 

Despite this, some uncertainty persists, particularly around Bitcoin’s ability to break through the $64,000 resistance zone. 

This level is seen as critical for Bitcoin's potential growth in the coming weeks. 

Mithril Thakore, CEO & Co-founder of Velar, noted that while the recent U.S. rate cuts gave Bitcoin the "catalyst to think about retesting former highs," the $64,000 mark remains a significant challenge. 

Wall Street strategist Ed Yardeni has also raised concerns, suggesting there is an 80% chance of a bullish market, but with a 20% possibility of downturns. 

He cautioned about an “outright melt-up” in the stock market, which could impact broader economic conditions. 

In contrast, Bitcoin insiders remain more positive. 

Arthur Hayes, former CEO of BitMEX, stated in an X post, “Let the good times roll,” after noting that Bitcoin held its price over the weekend. 

Harsh Agarwal of Cypher Capital added that Bitcoin could potentially generate $145 billion in gains if it reaches $68,000. 

However, experts acknowledge that external factors such as regulatory decisions in the U.S., India, and China could play a crucial role in determining the direction of the market. 

As Jonathan Hargreaves of Elastos explained, "The broader economy will be more interconnected with these developments," especially as regulatory policies and interest rate cuts continue to unfold globally. 

At the time of writing, the Bitcoin price was $63,832.87.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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