Analyst: BTC needs to recover $64K to reverse bearish momentum

BTC is showing weakness relative to gold following the U.S. Federal Reserve's decision to hold interest rates, signaling a shift toward risk-off sentiment, according to on-chain analyst Axel Adler Jr. In a blog post, he explained that while the Fed maintained its key rate at 3.50-3.75% for the fourth consecutive time, the dot plot leaned hawkish, which has dampened appetite for risk assets. Adler noted that nine committee members anticipate at least one more rate hike this year, with six expecting two or more. He added that for the bearish trend to shift to neutral, BTC must secure a position in the $64,000 to $65,000 range, supported by significant trading volume. Meanwhile, gold has reclaimed the $4,300 level, indicating that the market currently favors safe-haven assets, he said.