Despite a rally in European equity indices, the bitcoin price is facing resistance in maintaining its position above the $61,000 threshold, with market sentiment influenced by the Bank of England's (BoE) decision to hold rates steady while hinting at a possible rate cut in the summer.

On Thursday, major European and UK equity indices showcased positive momentum, with London's FTSE 100 surging to a fresh all-time high of 8,393.39, marking a 22.19-point increase in mid-day trading. Meanwhile, the regional Stoxx 600 index recorded a modest gain of 0.15%, trading at 516.54.

Amidst these developments, the BoE announced its decision to maintain interest rates at 5.25% for the sixth consecutive time, adopting a cautious "wait and see" approach until conditions align for a potential rate adjustment.

However, BoE Governor Andrew Bailey acknowledged "encouraging news" regarding inflation trends and suggested that a rate cut could be on the horizon if inflation aligns with the central bank's forecasts. Bailey emphasized the need for further evidence of sustained low inflation before contemplating a rate reduction, expressing optimism about the overall trajectory of economic indicators.

Interactive Investor analyst Myron Jobson underscored the enduring impact of a higher interest rate macro environment, cautioning that even if the BoE proceeds with a rate cut in the summer, interest rates could persist at elevated levels for an extended period. "Interest rates could remain higher for the next decade than they were in the decade after the 2008 financial crisis," Jobson remarked in an email statement to The Block.

Meanwhile, the bitcoin price experienced a marginal decline of over 1% within the past 24 hours, trading at $61,411 as of 9:08 a.m. ET, according to data from The Block's Price Pages. Despite the broader market dynamics, bitcoin's trajectory remains influenced by macroeconomic factors and institutional sentiment, reflecting the ongoing interplay between traditional finance and the digital asset landscape.