Bitcoin Holds $60K Support as Fed Bets, Yen and Geopolitics Weigh
Bitcoin held near $60,000 ahead of Wall Street open as Federal Reserve rate expectations, the yen passing 160 per dollar and US‑Iran tensions pressured risk assets.
Bitcoin held near $60,000 ahead of the Wall Street open on Monday, trading up from an intraday low as selling eased after a weekly close that was the weakest since October 2024. Market participants pointed to Federal Reserve rate expectations, the Japanese yen moving past 160 per dollar and elevated US‑Iran tensions as pressures on risk assets.
Price data showed the $60,000 level acting as a near‑term floor. Trader Daan Crypto Trades wrote on X, “Holding the $60K low and I will just assume this is a range for now,” adding he could see trading between $60,000 and $80,000 for an extended period, while noting the 200‑day simple moving average acting as resistance on shorter time frames.
Analyst Rekt Capital noted that Bitcoin had “tagged the 200‑week SMA for the first time in this Bear Cycle” and highlighted that moves below that average have coincided with past bear‑market bottom formations. Market participants are watching a potential bounce toward about $64,000 for signs of renewed buying or resumed selling.
Trading firm QCP Capital highlighted a cluster of macro headwinds, citing oil prices, interest rates, foreign exchange moves and geopolitical developments as factors complicating Bitcoin’s near‑term path. QCP also pointed to early weakness in Asian equities as context for crypto market moves.
Technical charts show the 200‑day simple moving average capping short‑term rallies while the 200‑week average is now factored into many traders’ risk models. Analysts note that a sustained drop below $60,000 would shift attention to lower support levels and increase focus on stop‑loss activity and liquidity. Volume and volatility are expected to determine whether Bitcoin remains range‑bound or moves into a deeper correction.
Bitcoin entered the week after its lowest weekly close since October 2024. Traders and models are tracking Fed policy expectations, the yen’s weakness and Middle East tensions for their potential impact on demand for higher‑volatility assets.
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