Bitcoin Resists Sell-Off, But Three Risks Threaten $60K Target
Bitcoin has resisted a sell-off, but several risks threaten to push its price down to $60K. The asset is currently trading near $64,600 after briefly falling to $62,383 following the Federal Open Market Committee meeting.
The rebound returned BTC above $64,000, but it has yet to break out of the range that has controlled its price for several days. Momentum remains neutral, with the daily relative strength index at 51.69, slightly below its signal average of 53.18.
Notably, Bitcoin's resistance to the wider risk-off move is notable, as US stocks fell sharply on Wednesday, but BTC recovered most of its post-FOMC decline instead of extending losses below $62,000.
The repeated inability to clear $65,000, $66,500 shows that defensive buying has been enough to prevent a breakdown, not enough to restart the broader rally. Several factors are weighing on Bitcoin's momentum, including renewed fighting between the United States and Iran, which has added another source of pressure.