The Importance of $64k
Last week, the Federal Reserve (US central bank) met to announce a cut in the basic interest rate, and risk markets (such as the crypto market) appreciated.
BTC recovered the $60k mark, and is currently very close to $64k - the area of the top of the previous cycle.
Could we be at the beginning of a new bullish phase?
Observing how Bitcoin will behave over the next few days may provide the answer to our question.
At the moment, the price is just below an important resistance area. This consists of both the 200-day moving average and also BTC's last local top.
If BTC manages to break through $64k, where these resistance areas are located, we could be at the beginning of a new upward leg.
For this, it is also important that a structure of higher lows begins to form. In the event of a fall, the area around $60k has to serve as support.
If this support fails, we return to the consolidation scenario - with the possibility of deeper corrections.
If BTC rises above $64k (with daily/weekly closings), everything seems to indicate the beginning of a new bullish phase.
For now, the price is between these two regions.
$BTC
What do you think?