Bitcoin price under pressure: will $64.000 hold over the next 48 hours?

The Bitcoin price is at a crucial point. Analyst Michaël van de Poppe states that the coming 48 hours will determine the direction Bitcoin takes. At the moment, Bitcoin is trading at $64.500. a drop of 0.7% in the past 24 hours. The big question is whether the price can stabilise here, or whether a new dip to lower levels is inevitable.

Bitcoin is available at OKX and Bybit.

New sweep of the lows on the horizon?

According to Van de Poppe, the scenario in which Bitcoin revisits the recent bottom is very real if the price fails to hold the current support zone. In that case, he expects a new test of the low levels to occur this weekend or early next week, around $60.400, The question then is whether there is sufficient buying power to respond from that zone.

On the chart, it can be seen that Bitcoin is trying to break back into an old support zone around $63.855, If successful, the price can re-enter the familiar trading range. Above $65.000 lies the next resistance, and only with a clear breakout above that does the path open towards $72.683, Earlier we wrote that Bitcoin must rise above $65.300 for a move towards $68.000.

FOMC and oil as market factors

Van de Poppe points to an interesting macroeconomic context. Bond yields have been correcting since the recent FOMC meeting, and the oil price continues to fall. These are normally positive signals for risky assets like Bitcoin. Yet the Bitcoin price is still dropping, which he says is due to STRC as a specific reason for the current correction.

The broader market pressure is also visible in other data. The STH SOPR indicator shows that Bitcoin is not yet in the panic zone, but it is close. At the same time, miners are adding extra pressure by selling en masse while operating at a loss, as recent figures show. The coming days will therefore be crucial to determine whether Bitcoin forms a bottom or continues to decline.