Bitcoin Above $65,000 Again: All-Time High Just Around the Corner;
#BTC/USDT 0.89:%
Bitcoin increased in price by 3.71% from September 20 to September 27, 2024. The largest cryptocurrency by capitalization exceeded the $65,000 mark for the first time in the last month. Only two trading sessions out of seven were negative, against five positive ones.
The main catalysts for growth this week were macroeconomic news. The Peopleâs Bank of China decided to cut mortgage rates by 0.5%. Reserve requirements for commercial banks were also reduced by the same amount. This should potentially reduce the cost of loans, increasing domestic demand and boosting investment activity.
In addition, new statistics on unemployment in the United States were released. In the week ending September 21, the number of applications for unemployment benefits was 218,000. This is 4,000 less than the week before. The indicator was the lowest in the last four months. It shows that the US economy is quite strong. That is, we can expect a further reduction in interest rates, and therefore an increase in appetite for risky assets, in particular, for Bitcoin.
And last week, activity in the Bitcoin network increased. One of the main reasons was the movement of cryptocurrency on old addresses. The analytical platform CryptoQuant wrote in its account on X (former Twitter (NYSE:TWTR))
"Old bitcoins on the move. Overall, we have seen a significant increase in the movement of coins from different age groups during the recent growth period, with ongoing transfers occurring on the Bitcoin network."
From a technical analysis point of view, the situation with Bitcoin is quite positive for coin holders. The price rose above an important resistance level of $65,000, which should now become a support level. The ADX indicator began to grow, which indicates a strengthening trend. Another positive thing is that the price has exceeded the 50-day moving average (marked in blue). Thus, all indicators speak in favor of growth. The next resistance level will be around $70,000.
