Summary of this article
Bitcoin trades near USD 64,000 as experts assess market momentum and price stability.
Macroeconomic factors, demand conditions and interest rate outlook influence Bitcoin’s movement.
Experts identify USD 66,000-67,000 resistance and USD 64,000 support levels.
Bitcoin was trading near the USD 64,000 level on Friday, with the cryptocurrency witnessing movement in its price levels. The digital asset continued to trade around the key price mark during the session.
At the time of writing, Bitcoin was trading at USD 64,081.64, up 0.21 per cent over the past 24 hours. Other major cryptocurrencies witnessed mixed movements. Ethereum was trading at USD 1,886.39, down 0.87 per cent during the same period, while Binance Coin stood at USD 589.63, recording a gain of 2.89 per cent. XRP was priced at USD 1.07, down 0.23 per cent, while Solana was trading at USD 73.59, up 0.15 per cent over the past 24 hours.
What Is Driving Bitcoin’s Move Towards USD 64,000
Experts said several factors are influencing Bitcoin’s price movement, with market trends, demand conditions and broader developments shaping the cryptocurrency’s trajectory.
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin’s move towards the USD 64,000 level is being driven primarily by broader macroeconomic factors.” He noted that Bitcoin’s 30-day correlation with equities suggests its alignment with risk assets rather than traditional safe havens. He added that while market sentiment remains cautious, Bitcoin has remained relatively resilient.
Balaji Srihari, Vice President, Business, India, CoinSwitch, said, “Bitcoin’s move above the USD 64,000 mark reflects resilience rather than outright bullishness.” He pointed out that the US Federal Reserve’s latest meeting offered limited forward guidance on the rate path, with upcoming economic data likely to provide more clarity on monetary policy.
Can Bitcoin Hold The USD 64,000 Level
With Bitcoin trading around the USD 64,000 level, experts shared their views on the factors influencing its price movement and the key levels to watch in the near term.
Balaji Srihari said that in the near term, the market is likely to remain range-bound as investors await greater clarity on interest rates and regulatory developments. He noted, “On the upside, USD 66,000 to 67,000 remains the immediate resistance zone, and a decisive breakout above that could pave the way for stronger bullish momentum.”
Rajagopal said, “Bitcoin’s ability to sustain levels above USD 64,000 will largely depend on expectations around interest rates, inflation, and global liquidity.” He added that from a technical perspective, the immediate support zone lies between USD 63,800 and USD 64,000.
