Bitcoin may have to struggle even more than before to break the resistance level at $64,000.

With the Federal Reserve's (Fed) 50 basis point rate cut, the price of BTC rose more than 10% in the past seven days. Bitcoin, which set a record of $73,000 in March 2024, has begun testing $64,000 again.

Positive for Bitcoin and gold

According to Jim Iuorio, Managing Director of TJM Institutional Services, the decrease in interest rates is increasing investors' interest in assets such as Bitcoin and gold.

Iuorio said, "Assets like Bitcoin and gold prefer lower interest rates compared to the current economic situation," and noted that they could perform positively under conditions that could reaccelerate inflation.

This time it might be harder

Cryptocurrency analyst Bob Loukas said that the easy part of the bull rally has come to an end based on Bitcoin's daily cycle model. He added that Bitcoin will soon have to struggle more to make gains.

In the meantime, option investors are expecting further appreciation of Bitcoin next month. According to Deribit data, there is a demand worth $130 million for options with a $70,000 strike price on the 25th of October.