Key facts
- Bitcoin traded near $64,100 on Thursday, down 1% in 24 hours but up 2% weekly.
- New Federal Reserve Chair Kevin Warsh signaled higher rates for longer, lifting the year-end rate projection.
- The Federal Reserve held its benchmark interest rate steady at 3.5% to 3.75%.
- Analysts see a potential market floor forming around $60,000 for Bitcoin.
- Factors like slowing ETF outflows and the CLARITY Act offer cautious optimism.
Bitcoin steadied near $64,100 on Thursday, experiencing a slight pullback after new Federal Reserve Chair Kevin Warsh signaled a hawkish stance, suggesting higher interest rates for longer. Despite the dip, Bitcoin remained up 2% over the past week, holding a market cap near $1.29 trillion. Ether and Solana also eased. The Federal Reserve maintained its benchmark interest rate at 3.5% to 3.75%, but its updated projections indicated concerns about inflation and a slower path toward rate reductions. Analysts suggest that a firming support level around $60,000, coupled with slowing ETF outflows and potential catalysts like the CLARITY Act, could provide reasons for cautious optimism in the crypto market.