From the weekly chart, Bitcoin has now rushed above the upper track of the weekly line, and the price is probably fluctuating in the range of 63,600 to 71,300. Looking at the daily chart, Bitcoin is jumping in the range of 60,400 to 65,000. Looking at the momentum, the daily chart has somewhat gotten rid of the previous tepid trend and started to show the power of the bulls. In short, the market is in a general upward trend.
We have to keep an eye on the key range of 63,400 to 63,600. If the price stabilizes here and does not fall, the market should continue to maintain its upward momentum. Overall, the most critical thing now is to see whether the price of Bitcoin can stand near this important support level. As long as it can hold steady, the price may continue to rise, and we can expect BTC to reach the target range of 68,000 to 69,000.
Of course, all this depends on whether the macroeconomic environment is strong. Now the market is optimistic because of the expectation of interest rate cuts, and everyone is bullish. But then again, the first rate cut still has certain risks, and we have to evaluate it carefully through economic data. If the economic data looks good, the market risk before and after the rate cut should be relatively low; if the data does not meet expectations, it will be a bit troublesome, and the market may be hit hard.
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