- Summary:
- Bitcoin price returned to the $63 k territory on Friday, but a psychological barrier awaits at the $65k mark.
Bitcoin Price flirted with the $63k mark late on Friday as investors moved on from earlier regulatory concersns raised by the Security and Exchange Commission (SEC) against crypto market maker, Cumberland DRW. Instead, traders opted to cast their lots on increasing prospects of another interest cut in November following soft US economic data.
BTC price was at $62,860 at the time of writing, up by 4.2 percent on the daily chart, the biggest daily gain since late August. US headline consumer inflation rate rose by 0.1 percent in September and beat consensus forecast by a similar margin. However, that was not enough to deter an inclination toward dovish Fed sentiment after Initial Jobless Claims rose higher than expected for the second week in a row.
The prospect of another rate cut augurs well for Bitcoin price, as it triggers positive momentum in financial markets. Also, low interest rates exert downward pressure on the US dollar, hence providing propulsion to the BTCUSD pair. Bitcoin price was previously rejected at the psychological round figure level of $65,000, and the crypto asset finds itself at a level where it recently accumulated momentum that ultimately fell short of the strength needed to break above the barrier.
Bitcoin price today
Bitcoin price has an upbeat momentum, with the pivot point at 62,170. The buyers will likely keep BTCUSD on the upward momentum if the price action stays above the pivot. In that case, the first resistance could come at 63,170. However, an extended control by the buyers could break above that level to test 63,770.
Alternatively, moving below 62,710 will signal control by the sellers. That could see the establishment of the first support at 62,170. However, if the downward momentum strengthens, the price could break below that mark and render the upside narrative invalid. In addition, the downside could extend to test the next support at 61,640.
