TechFlow news, September 19 — According to Decrypt, following the Federal Reserve's announcement of an interest rate cut, Bitcoin price surged past the $62,000 mark. However, analysts maintain that $60,000 remains a key resistance level.
Alex Kuptsikevich, Senior Market Analyst at FxPro, said: "Since mid-March, the crypto market has been in a downward channel. Only a breakout above the previous peak of $2.25 trillion in market capitalization can reverse this trend. Bitcoin may face strong resistance around $64,000, and breaking above this level would open the door for further upside."
Avinash Shekhar, Co-founder and CEO of Pi42, said: "Short-term holders have been selling consistently since August, which could signal a bottoming out in price, while long-term holders have maintained support above $60,000. This has created a tug-of-war between bulls and bears." He added that further rate cuts could push Bitcoin higher, making $60,000 a critical battleground. "A break above $62,000 could trigger bullish momentum, whereas falling below $60,000 might extend the selling pressure."
