Bitcoin price wavers around $65K despite optimism

The Bitcoin price is slowly recovering after a turbulent period, but not everyone believes in a sustainable recovery. Although many investors expect the market to truly rise now, analyst Ted Pillows warns of caution. In his view, the recent price movement looks more like an attempt to extract liquidity from the market than a genuine breakout.

Bitcoin is available at OKX and Bybit.

Cautious Signals Around $65.000

Bitcoin is currently trading around $65.700. representing a 2% increase on a 24-hour basis. Pillows states that if Bitcoin can maintain its position above $65.000. a move towards the $68.000 to $70.000 area is possible. However, he indicates that there is insufficient genuine strength visible at this point to confirm this scenario.

The analyst is closely watching how the market opens and closes in the coming hours. This day could be crucial for the direction of the Bitcoin price.

Fed and Japan Hold the Keys

Pillows points out that two major catalysts could determine the price direction in the coming period. The Federal Reserve meeting this week and the possible further interest rate hike by Japan are both factors that could significantly influence the market. Which direction the next major move will take largely depends on these events.

Despite the recent price increase, the analyst remains cautious. He still considers this a bear market, with the overarching trend remaining negative. This contrasts with other analysts who claim the crypto winter is over, while on-chain data appears to show that the bear market is not really over yet. Investors should therefore remain cautious and not blindly rely on a strong rally.