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Bitcoin slips under $66,000 as oil rises and Fed hike odds jump

BTC is probing the $63,000 support level, while markets have priced the odds of a Fed rate hike at just under 30%.

Reported · Written up by our desk · Altcoins

Bitcoin fell to just below $66,000 after trading as high as $66,900 the prior day, as macro pressures weighed on risk assets, according to CoinDesk. Oil jumped to a six-week high, with WTI rising another 3.2% to $87.38 per barrel on Wednesday, after escalated threats between the United States and Iran. The move helped push Treasury yields higher, with both the 10-year and 2-year yields hitting fresh cycle highs, and shifted expectations around the Federal Reserve. CoinDesk also reported that traders who had largely priced out a Fed hike ahead of the central bank’s next meeting now see the odds at just shy of 30%, a development that pressured Nasdaq 100 futures, down 0.8%. Crypto markets were broadly lower alongside those moves. On the technical side, Daniela Hathorn, senior market analyst at Capital.com, told CoinDesk that $63,000 is the key support level where buyers have repeatedly stepped in. She said holding above it would suggest the recent correction is stabilizing, while a decisive break below could prompt another round of profit-taking, with $65,000 to $66,000 viewed as the next area that matters on the upside.

Latest closeWTI crude $87.52 ▲3.1%|Bitcoin $65,920.00 ▼0.9%|Nasdaq Comp. 25,837.21 ▲1.3%

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