Bitcoin price must get above $65.300 for rise to $68.000

The Bitcoin price is at a major turning point. Trader and analyst DaanCrypto sees a pattern of higher highs and higher lows on the lower timeframes, but points to a crucial resistance zone that determines the direction. At the time of writing, the Bitcoin price stands at $65.200. a decline of 0.8% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

Resistance at $65.300 is key

According to DaanCrypto, the zone around $65.300 is the level to watch. Once Bitcoin closes clearly above that, he sees room for a further upward move towards $68.000 or higher. The pattern he describes on the hourly chart shows that the price is making successively higher lows, which is in principle a positive sign for the short term.

Yet he also makes clear: if buyers fail to break that resistance, a further decline is quite possible. The zone thus functions not only as a potential springboard, but also as an arbiter between a bullish and bearish scenario. Bitcoin demand is already under pressure, as earlier analyses of a record-negative demand level of 66,000 BTC show.

FOMC brings extra volatility this evening

An additional factor that could move the market tonight is the meeting of the Federal Open Market Committee, better known as the FOMC. The Fed will announce its interest rate decision and hold a press conference afterwards, which traditionally leads to significant price movements in both crypto and traditional markets. DaanCrypto notes that this brings extra volatility.

The timing is therefore particularly relevant. Precisely now that Bitcoin is at such a sensitive technical level, a statement from the Fed could tip the balance. A dovish tone could encourage bulls to break through, while a hawkish signal could increase the pressure. Meanwhile, Bitcoin miners are also under pressure, as they are selling BTC en masse while running at a loss, which could add extra selling pressure to the market.