Bitcoin — Going Higher?

Bitcoin has been bolstered by the Fed’s recent rate cut decision, pushing it through significant technical levels and forming a more bullish structure. The price action has achieved three significant milestones:

* Breaking the Middle Trendline: Bitcoin broke above the middle trendline of the descending channel, a crucial step in reversing the broader downtrend.

* Breaking the Short-Term Downtrend: Bitcoin also managed to escape the short-term downtrend, further confirming bullish momentum.

* Closing Above $60K: Crossing and closing above the psychological level of $60K has solidified the current bullish sentiment.

These moves suggest that Bitcoin has now established a more bullish structure, increasing the likelihood of a push toward the upper trendline of the descending channel. The daily chart's VMA (Volume Moving Average) has also turned bullish, further reinforcing the potential for upside momentum.

What’s Next

The next key milestone is to retest the late August high at around $64.2K, where some liquidity is sitting. A successful move toward this level could trigger further momentum, potentially propelling the price toward the channel's upper trendline.

As long as Bitcoin can hold above the middle trendline, the outlook remains cautiously bullish. The Fed’s decision, bullish technicals, and growing volume could set the stage for more upside soon.