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Bitcoin faces $68,500 break-even resistance ahead of the Fed
Analysts at Bitfinex said a clear of the $68,500 level could be followed by an “air pocket” before another resistance near $84,000, as bitcoin trades around $63,500 and Nasdaq e-mini futures hit their lowest since May.
Bitcoin’s near-term direction is being framed around a key $68,500 break-even level for short-term holders, with Bitfinex analysts calling it significant structural resistance into the Federal Reserve’s rate decision.
CoinDesk data showed bitcoin trading around $63,500, after reaching an Asia session low near $63,065. Still, the coin was down about 0.3% since midnight UTC and nearly 3% over the prior 24 hours.
Risk sentiment has been pressured beyond crypto, with Nasdaq e-mini futures slipping to 27,930 points, the lowest since May, and down 1.2% for the week. Shares in NVDA fell by nearly 5%, while South Korea’s Kospi dropped about 10%.
Bitfinex analysts said investors are likely to sell as prices move toward the $68,500 break-even level, and if that barrier is breached, volume analysis suggests an “air pocket” before the next major resistance near $84,000, similar to the pattern around bitcoin’s mid-May move from about $67,000 to $80,000-plus.
Latest closeBitcoin $81,906.63 ▼1.4%|Nasdaq Comp. 27,193.34 ▼1.2%|Kospi 6,803.90 ▼2.0%