Bitcoin Slips to $65K Amid Stronger Dollar, But Analyst Says the ‘Pullback Is Over’
Bitcoin needs to reclaim the $69,000 level to reignite its uptrend, one trader noted.
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Bitcoin needs to reclaim the $69,000 level to reignite its uptrend, one trader noted.
Bernstein boosts bitcoin year-end price target ( Hans Eiskonen/Unsplash)
Fed policymakers maintained their outlook for three rate cuts by the end of the year, alleviating market risk of a more hawkish stance.
Policymakers forecasted Wednesday they would lower interest rates to 4.6% by year-end, similarly to their December projection.
Disappointing flows into bitcoin ETFs over the past days partly resulted from investors trimming risks ahead of Wednesday’s FOMC meeting, one market observer said.
Bitcoin’s price has begun a recovery, trading above $68,5K as the day continues.
Bitcoin could enter a period of consolidation before its next leg in the rally, observers noted.
Bitcoin nearly doubled in price since late January, but a “counter move seems to be near,” Swissblock analysts said.
Momentum behind bitcoin’s rally has waned so expect a period of consolidation, Matrixport analysts noted.
Bitcoin briefly rose above $70,000 Friday, but immediately tumbled to $67,000, repeating Tuesday’s action.