Will The Price Of Bitcoin Surpass The “Double Breakout” Zone Of $60K?
-
Written by
Yana Levkovich - Updated 2024-09-16 12:44:31
As charts indicate a potential turnaround, the price of Bitcoin is showing signs of strength. It is currently hovering around $60,000.
As long as the Bitcoin price movement stays above $60,000, traders will soon become positive about the cryptocurrency.
This week's newfound optimism about short-term BTC prices is based on indicators of the price of Bitcoin.
The 1-day BTC/USD chart is finally regaining critical levels, as indicated by both the Ichimoku cloud and relative strength index (RSI), following a problematic time of testing support.
Bitcoin Investors Are Expecting A US Rate Cut This Week
At the moment, optimistic views regarding the price potential of Bitcoin center on shifts in macroeconomic trends.
One significant example is the anticipated interest rate reduction by the US Federal Reserve on September 18.
Although the exact magnitude of this is up for discussion, markets have long given officials a 100% chance of dropping the highest rates in over 25 years.
In its most recent circular, trading company QCP Capital advised followers of its Telegram channel to prepare for future complimentary situations involving risk assets and cryptocurrency.
It concluded, “We still favor locking in yields ahead of the rates cut and positioning for bullish scenarios, despite some short-term uncertainty and potential drawdowns.”
