Bitcoin’s price neared the pivotal $60,000 mark following the Wall Street open on September 13, coinciding with gold reaching a record high in USD value at $2,585 per ounce. This surge in Bitcoin comes as the market anticipates potential Federal Reserve policy easing at the upcoming interest rate meeting, buoyed by recent U.S. macroeconomic data suggesting a positive outlook.
Data from Cointelegraph Markets Pro and TradingView highlighted Bitcoin’s ascent to 10-day highs on Bitstamp, continuing a recovery that started before the week’s opening. The U.S. stock market showed marginal gains, further underscoring the day’s positive financial trends.
Technical analysis from prominent trader and analyst Rekt Capital revealed a notable bounce from the lower boundary of Bitcoin’s descending price channel. “Great reaction so far, setting BTC up for a Daily Close above the Channel Bottom (black),” he explained, indicating that such movements historically lead to upside. For a bullish close to the week, Bitcoin would need to maintain a price above $58,150 through the weekend.
As of now, Bitcoin’s monthly performance is only slightly down, unusual for September, which typically records an average loss of around 7%. Trader CrypNuevo observed, “Bitcoin is following the projection with a slow, but consistent, uptrend. This is really good.” He pinpointed immediate targets around $58.8k for liquidations and a wick up to $59.5k.
Crypto Vikings, another analyst, pointed out that Bitcoin was on the cusp of reclaiming the 200-period exponential moving average (EMA) on the 4-hour charts, predicting a “massive” breakout.
Amidst these optimistic market movements, there is growing anticipation for the Federal Reserve’s meeting on September 18. Despite a slight decrease in expectations for a larger rate cut from earlier in the week, the latest estimates from CME Group’s FedWatch Tool still show a confident projection of a 0.25% rate reduction.
