Bitcoin Slips Below $65K as Traders Position Ahead of FOMC

Bitcoin slipped below $65,000 on Monday as traders positioned ahead of the Federal Reserve's policy decision scheduled for Wednesday. According to Coinglass data, a total of 118,449 traders were liquidated in the past 24 hours for $437.94 million.

In addition, SoSoValue reported net outflows of $240.08 million from spot Bitcoin ETFs on Wednesday, while spot Ethereum ETFs saw net outflows of $70.6 million.

Technical analyst Lennaert Snyder expects Bitcoin's weekend rally to retrace as expected after rejecting the $65,800 level, which could lead to a potential upside target above those highs. He is monitoring three long-entry zones, with the first around $63,500 and the preferred accumulation area at $60,000.

However, trader KillaXBT cautions that buying Bitcoin at low points, such as $16,000 or $20,000, has proven profitable in the past, but may not be the best entry point this time around. He remains confident that Bitcoin will exceed $160,000 this cycle.