Bitcoin (BTC) is edging closer to the $60,000 mark as its price weakness persists. Despite volatile conditions, BTC/USD is preparing to test $62,000 at the time of writing. The largest cryptocurrency experienced a drop of nearly 8% after the daily close, coinciding with the upcoming interest rates decision from the United States Federal Reserve. The U.S. dollar also gained strength, with the U.S. dollar index (DXY) briefly surpassing 104. Market observers see the Fed event as one of several obstacles for Bitcoin, including Japan’s central bank raising rates for the first time since 2007 and outflows from the Grayscale Bitcoin Trust (GBTC). However, some analysts remain optimistic, viewing the current correction as a healthy part of BTC’s major bull trend. Veteran trader Peter Brandt highlighted a potential head and shoulders pattern and warned of a possible dip towards $55,000, but this would still align with the broader rising trend of BTC/USD. Confidence in the bull market remains strong, despite the failure to surpass old all-time highs at $69,000. As always, readers should conduct their own research before making any investment decisions.
Bitcoin price encounters resistance from FOMC, trader anticipates surge towards mid-$50K range.