Bitcoin continued to trade below $64,000 on Thursday. The market reassessed the interest rate path following the latest Federal Reserve meeting, with US Treasury yields and the dollar rising in tandem, putting pressure on risk assets overall, and consequently slowing buying in the crypto market.

The Federal Reserve sends hawkish signals

The Federal Reserve kept interest rates unchanged this time, but market attention is focused on post-meeting guidance and the latest economic forecasts. The Fed removed statements that leaned towards further easing and signaled a longer period of maintaining high interest rates.

Officials now expect the federal funds rate to reach 3.8% by the end of the year, up from 3.4% in March. This change has prompted traders to raise their bets on further tightening, with expectations for a December rate hike clearly increasing.

Spot ETFs recorded net outflows

Institutional funds also failed to provide significant support to the market. CoinGlass data shows that the US spot Bitcoin ETF recorded a net outflow of $82.2 million on Wednesday, indicating that the liquidity situation remains volatile.

The article argues that the lack of continuity in ETF fund flows indicates that institutional investors remain cautious in the current macroeconomic environment. If net outflows continue or further expand in the coming trading days, short-term pressure on Bitcoin may continue to increase.

Key resistance remains above.

Judging from the price action, this rebound appears to be more of a temporary easing of selling pressure than a new wave of buying. Bitcoin is currently still below several key moving averages, and the short-term structure shows no significant improvement.

• The 50-day moving average is approximately $70,042.
• The 100-day moving average is approximately $72,839.
• The 200-day moving average is approximately $78,174.

Furthermore, the previously broken uptrend support level, around $73,833, has now become an upper resistance zone. If prices attempt to rebound, the market will first focus on whether the $64,004 level can be effectively broken; if it fails to hold, higher resistance levels will continue to limit the upside potential.