"Hopefully go up there, don't suddenly trip again."
Shortly after cryptocurrency king Bitcoin (BTC) recovered as high as $68,116 during yesterday's Federal Open Market Committee (FOMC) meeting, the price slipped back below $66,000.
The weak movement seen in the price of BTC may be due to the strengthening of the United States (US) dollar after the Swiss central bank in a surprise move cut interest rates by 25 basis points.
It is well known that the US dollar index (DXY) which measures the strength of the US dollar compared to other major currencies shows an increase, therefore a stronger dollar will usually affect the price of digital assets or stocks.
According to macro analyst Michael Kao in a social media post, crypto market participants expect several other major central banks to start lowering interest rates before the Federal Reserve (Fed) does so.
Market analysis firm Swissblock, on the other hand, believes that BTC has completed its pullback following its price drop and has almost reached its target of $59,000 to $58,000 last Wednesday.
Now a higher rally for the price of BTC will happen, said Swissblock analyst Henrik Zeberg, adding that altcoins and BTC miners will perform very well in the next uptrend phase.
As of this writing, the price of BTC which is trading at $65,890 has fallen slightly by 2.92% in the last 24 hours with a market cap of over $1 trillion and has recorded a decline of 8.42% over the last week.
