Bitcoin Reaches Around $65,000: What's Next For The Cryptocurrency?

Bitcoin is trading around the $65,000 mark, with the cryptocurrency recording gains over the past 24 hours as well as the last week. The movement comes as investors keep a close watch on factors that could influence Bitcoin’s near-term price trajectory.

The world’s first cryptocurrency, Bitcoin, was trading at $64,982.52 at the time of writing, up 1.33 per cent over the past 24 hours. The cryptocurrency has also gained 3.09 per cent over the last week, reflecting a positive movement in the near term.

According to Coinmarketcap data, the total cryptocurrency market capitalisation stood at around $2.1 trillion, up 1.10 per cent.

What Is Driving Bitcoin’s Price Movement

Experts said several factors are currently influencing Bitcoin’s price movement.

Balaji Srihari, vice president, business, India, CoinSwitch, said, “Bitcoin’s move around the $65,000 mark reflects a continued tug-of-war between renewed institutional demand and macroeconomic uncertainty.” He added that interest-rate expectations, inflows into exchange-traded funds (ETFs), dollar strength, market liquidity, and leverage in derivatives markets will be important factors to watch in the near term.

Prateek Gupta, head of business, Mudrex, said Bitcoin’s move back towards the $65,000 mark was supported by softer US macro data and steady institutional inflows. He added that the weaker-than expected US jobs data had reduced expectations of a near term hike in US Federal Reserve rate, weakening the dollar and supporting risk assets. He further said that Bitcoin ETF inflows had also turned positive, with Bitcoin ETFs recording their strongest weekly inflows of over $754 million since April.

What Levels Could Shape Bitcoin’s Near-Term Move

Looking ahead, experts have identified key levels that could shape Bitcoin’s near-term move.

Gupta said, “Bitcoin’s immediate focus is the $65,000 level, which has emerged as an important near-term pivot after the recent move above it.”

He added that a sustained hold above this level could bring the $66,000 resistance level into focus, while options positioning currently points to a broader $61,000–$67,000 trading range.

Meanwhile, Srihari said the $63,000-64,000 zone is an important support area, while $68,000-70,000 remains a key resistance range. He added that a move beyond these levels could signal Bitcoin’s next direction, but it is too early to set a fixed price target.