Bitcoin Is About To Turn Bullish!

Since Friday, Bitcoin made some considerable progress toward a bullish momentum.

During the last weeks, I've kept repeating two things that need to happen:

1 - A clear break above the 58.5 level ✅

2 - A decisive move above the middle trend line - sitting slightly above 60k 🔲

Currently, Bitcoin is trying to achieve the second goal. If that happens, Bitcoin should quickly run toward the upper trendline of the descending channel (~65k).

The overall sentiment has started to turn bullish. Here are a couple of aspects that might drive the current price action:

• Growing chances of a 50bps rate cut: Although the broader market could interpret this also bearish ("the FED knows more than they tell us"), the possibility drives the prices now.

• Upcoming FTX Repayments (Check my profile for a complete article)

• Technical Chart Aspects: Bullish MACD, bounce from the bottom trendline, bullish VMA, and many others.

Outlook

The ~60k level (middle trendline) is still the most crucial to watch. A break above will ignite a further rally until at least next week's Fed meeting. Conversely, a continuous rejection will most likely send BTC back to 57k.

Overall, all eyes are on the Fed meeting and announcement of rate cuts (Check my profile for a complete article).

One thing is clear: Next week will be everything but boring! Let's make the most out of it.

Enjoy your Sunday, Ben