Bitcoin Slumps Amid Fed's Hawkish Shift, Analyst Sees $69K Target

Bitcoin and other top cryptocurrencies fell sharply on Thursday as investors digested the Federal Reserve's hawkish pivot in its policy. According to Coinglass data, long liquidations surged, accounting for 80% of total cryptocurrency liquidations over the last 24 hours.

The broader market declined, with stocks rebounding after Wednesday's sell-off. The Dow Jones Industrial Average rose by 72.15 points, or 0.14%, to end at 51,564.70.

Cryptocurrency-related stocks also fell, with Strategy Inc. and Coinbase Global Inc. closing down 3.46% and 1%, respectively.

Widely followed analyst Ali Martinez emphasized the significance of $64,000 as a key support for Bitcoin within a descending channel on a 1-hour chart. If it holds, he predicted that $69,000 would become the next upside target.