Bitcoin is back in the spotlight, with the bulls setting their sights on a $64,000 price target. After hovering around the $63,000 mark, BTC made significant strides, catching up with the surging stock market. This comes as the U.S. financial landscape sees renewed optimism, with a notable easing in long-term financial policies.
On September 19, Bitcoin’s price pushed past $63,000 as Wall Street opened, reflecting gains in the stock market. Data from Cointelegraph Markets Pro and TradingView revealed that BTC reached a three-week high near $63,500 on Bitstamp. This upward movement is tied to broader financial shifts, as the Federal Reserve recently implemented a significant 0.5% interest rate cut, signaling further cuts to come. With equities like the S&P 500 nearing new all-time highs, Bitcoin is edging closer to key resistance levels near its March peak.
Market optimism continues to grow, as the U.S. 2Y/10Y treasury spread, an indicator of potential recession, steepened to +8 basis points after being inverted since July 2022. QCP Capital, a trading firm, highlighted this as a reflection of the market’s renewed appetite for risk assets, including Bitcoin.
Traders are increasingly bullish, with spot markets showing strength. Popular analysts, such as Michaël van de Poppe, remain optimistic, noting that Bitcoin is "doing great" and sees plenty of room for investors to buy the dips. With BTC prices nearing the $64,000 resistance zone, the excitement surrounding Bitcoin's potential breakout continues to grow.
As institutions shift their stance and the broader market eyes higher gains, Bitcoin's next move could see it reclaim its former highs, with some traders already betting on new record levels in the near future.
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