Bitcoin rises, we should pay attention to the next movement

Bitcoin in the past 24 hours2. 4% increaseThen it was 65,185 dollars, and the largest virtual currency remained at its highest price for nearly 2 weeks. Since employment statistics announced last week fell short of expectations, the outlook for interest rate cuts by the US Federal Reserve (Fed) has increased. Risk assets such as Bitcoin tend to be more attractive in environments where interest rates are low.

Bitcoin recorded a record high of close to 74,000 dollars in mid-March in response to heightened interest from new spot bitcoin exchange-traded funds (ETFs), but the price has declined since then.

“The adjustment process that has continued since March will continue until the price exceeds the level of 72,000 dollars. Currently, initial support is $62,000. We will only consider a major adjustment if $59,000 is lost,” eToro market analyst Javier Molina said in a research note. “The resistance line above is $68,500. If we jump over that, we'll try to reach $72,000, and achieving that will be a sign of new bullish momentum.”