Mars Finance News: Bitcoin Surges Past $62,000 After Fed Rate Cut, But Analysts See $60,000 as Key Resistance

According to Decrypt, Bitcoin prices surged past the $62,000 mark following the Federal Reserve's rate cut announcement. However, analysts believe that the $60,000 level remains a crucial resistance point.

Alex Kuptsikevich, Senior Market Analyst at FxPro, stated, "The crypto market has been in a downtrend since mid-March. Only a break above the previous peak of $2.25 trillion could reverse this trend. Bitcoin could encounter significant resistance around $64,000. Breaking through this level would open up an upward channel."

Avinash Shekhar, Co-founder and CEO of Pi42, commented, "Short-term holders have been selling since August, which could signal a price bottom. Meanwhile, long-term holders are maintaining support above $60,000. This creates a tug-of-war between bulls and bears." He added that further rate cuts could propel Bitcoin upwards, making the $60,000 level a key battleground. "Breaking through $62,000 could trigger a bullish momentum, while falling below $60,000 might extend selling pressure."