Can Bitcoin Break 65k Today? Fed Pivot and ETF Activity Suggest So
Arslan Butt is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners evaluate financial...
Bitcoin is once again approaching the $65,000 mark, a level it hasn’t touched in nearly three weeks. This resurgence is largely driven by renewed interest in U.S. exchange-traded funds (ETFs) focused on Bitcoin, coupled with signals from the Federal Reserve indicating a potential shift toward a more accommodative monetary policy.
On Friday, Federal Reserve Chair Jerome Powell hinted that the central bank might soon lower its benchmark interest rates, which are currently at a two-decade high. This prospect of increased liquidity has buoyed global markets, including Bitcoin.
The announcement led to a significant $252 million net inflow into U.S. spot Bitcoin ETFs on the same day, the highest in over a month.
These ETFs have now seen seven consecutive days of inflows, underscoring growing investor confidence.
Currently trading at $63,400, Bitcoin (BTC/USD) is facing strong resistance near the $65,000 level, a critical psychological threshold reinforced by a double-top pattern on the 4-hour chart.
The presence of several Doji candles just below this resistance suggests that the uptrend may be losing steam. If Bitcoin fails to break through this level, a bearish correction could be imminent.
In the event of a price reversal, immediate support is expected around $62,600. Should the price dip further, the next key support level is near $62,000.
This level is particularly important as it aligns with an upward trendline, offering additional buying interest.
The 50-day Exponential Moving Average (EMA), currently at $62,100, also supports
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