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BTC rebounds after briefly touching below $65 000

BTC rebounds after briefly touching below $65 000

Bitcoin (BTC) bulls are trying to rebound after briefly touching below $65 000 (Thursday 18th) - the level it has not fallen below since May 16th.

Uncertainty over highly anticipated interest rate cuts is weighing on BTC as well as on the broader crypto market.

Higher for longer interest rates can negatively impact riskier assets such as cryptocurrencies.

According to the CME FedWatch tool, there is a 74.4% probability (+8.1% from yesterday) that a rate cut will be implemented during the Fed's September meeting.

In their speeches yesterday, Fed officials emphasized that the Fed is in data-driven mode, with some stating that they need “several more months of that data to really have confidence in our outlook that we're heading to 2%”.

Adding to the downward pressure, bitcoin spot ETFs may be heading for a fourth consecutive session of total net outflows.


  • -$226.2 million on 13.06.2024
  • -$189.9 million on 14.06.2024
  • -$145.9 million on 17.06.2024


From a technical perspective

Bitcoin remains below its 21-, 50- and 100-period simple moving averages (SMAs), underscoring a strong bearish trend in both the long- and short-term horizons.

The psychologically important $65 000 level may continue to provide immediate support, while on the upside, the 50-period SMA at ~$66 235 is the major resistance/target level for BTC bulls.

The Relative Strength Index is in neutral territory at ~41 (<30 - oversold; >70 - overbought), signaling the potential for further downside before entering oversold territory.  



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