đ„đ„đ„ As #bitcoinâïž Remains Above $60k, Buyers Target $66K Amid Rate Cut Speculations
As Bitcoin (BTC) trades above $60,000, bullish sentiment is on the rise, driven by speculation about a potential rate cut in today's FOMC meeting. The current BTC price is $60,236, showing minimal movement after a 3.61% increase yesterday.
Bitcoinâs Bullish Momentum & Technical Patterns
- The $BTC price is exhibiting a potential head-and-shoulder pattern on the 4-hour chart, with an inverted head-and-shoulder pattern suggesting a possible uptrend. This bullish pattern hints at a potential rise towards $66,590 if the pattern plays out as expected.
- The daily chart reveals a bullish engulfing candle, reversing the 3-day bearish pullback from the weekend & Monday. This bullish engulfing candle, combined with the inverted head-and-shoulder pattern on the 4-hour chart, signals increased chances of an uptrend following a minor pullback & retest.
According to Fibonacci retracement levels on the daily chart, the next key resistance is around $61,613, with a potential target at $66,600.
#BitcoinETFđ°đ°đ° Inflows
- Supporting the bullish outlook, Bitcoin ETFs are experiencing a surge in inflows. The U.S. Spot Bitcoin ETF market saw a fourth consecutive bullish day, with inflows of $186 million.
- Specifically, Grayscaleâs Spot Bitcoin ETF maintained its Bitcoin holdings without new flows, while the Bitwise & Fidelity ETFs contributed $45.4 million & $56.6 million, respectively.
BTC Price Targets
- Based on the 4-hour chart, the next resistance levels are $64,596 & $66,590 above the $61,451 ceiling. Key support levels to watch are the psychological support at $60,000 & the horizontal level at $57,681.
- The MACD indicator on the 4-hour chart shows a bullish crossover, with positive histograms suggesting further upward momentum.
Overall, Bitcoin's technical indicators & ETF inflows support a bullish outlook, with potential targets pointing to higher price levels if current trends continue.
Source - thecryptobasic.com
