Bitcoin Tests USD 64,000 Mark as Experts Weigh Momentum

Bitcoin traded near the USD 64,000 mark on July 31st, sparking questions about its momentum and ability to sustain this level. According to experts, macroeconomic factors, demand conditions, and interest rate outlook are driving Bitcoin's movement.

Rajagopal Menon, Vice President of WazirX, noted that Bitcoin's move towards USD 64,000 is influenced by broader macroeconomic factors. He added that while market sentiment remains cautious, Bitcoin has shown resilience.

Balaji Srihari, Vice President of Business at CoinSwitch India, said that the US Federal Reserve's latest meeting offered limited forward guidance on interest rates. He noted that upcoming economic data will provide more clarity on monetary policy and may impact Bitcoin's price movement.

With Bitcoin trading around USD 64,000, experts identified key levels to watch in the near term. Balaji Srihari said that a decisive breakout above USD 66,000-67,000 could pave the way for stronger bullish momentum, while Rajagopal Menon stated that Bitcoin's ability to sustain levels above USD 64,000 will depend on expectations around interest rates, inflation, and global liquidity.