The price of Bitcoin has risen to a two-month high and may fall back below $60,000 in the future. What will be the market's next focus?

In the early hours of September 26, the price of Bitcoin fell to $62,705, and bulls temporarily lost hope after breaking the $64,000 resistance level for the third time in just four days. However, the situation changed as the US stock market opened, pushing the S&P 500 index to a new all-time high. Bitcoin subsequently rose by more than 3% and returned to the $65,000 level.
The upward trend of the bitcoin price is a bit lacking in momentum.
Many friends have asked whether $64,000 to $69,000 has become a resistance level for the rise in BTC prices. Judging from the current on-chain data, $64,000 to $69,000 is not a resistance level yet, because it has been observed for several months. This range has dropped to a freezing point due to the sell-off in the past month. For example, in the past 24 hours, the BTC turnover in this range was less than 7% of the total turnover rate. It is a bit of a stretch to say that this is a resistance level.
The main reason why prices cannot go up is that investors’ motivation to buy is too weak and they are afraid of any information changes.
Bitcoin is moving forward through indirect liquidity as the PRC announces economic stimulus measures, but there are still some concerns about a BTC price pullback.
Bitcoin rose to $65,000 after Wall Street opened on September 26 as risk assets rose due to macro events in the United States.
Bitcoin price rises as PRC risk asset craze takes offData from Cointelegraph Markets Pro and TradingView show BTC price momentum reaching $65,521 on Bitstamp — its highest level in nearly two months.
Gold continued to rise as U.S. Treasury Secretary Janet Yellen boosted hopes that the Federal Reserve can achieve a "soft landing" for inflation.
Yellen painted an optimistic picture of the U.S. economy in an interview with CNBC, while Federal Reserve Chairman Jerome Powell avoided using such language in prepared remarks for the New York Fed’s 2024 Treasury Market Conference.
“As I noted when I spoke at this event in 2015, our nation’s entire financial framework is built around the ability to quickly and efficiently convert Treasury securities into cash liquidity,” he said.
“I said at the time ‘These markets need to continue to operate at a high level and it is incumbent on all of us to ensure that they do.’ I remain fully committed to that goal.”
Elsewhere, the U.S. second quarter GDP data was in line with expectations at 3.0%, while initial jobless claims came in slightly below expectations.
The S&P 500 hit a new intraday high for the day, extending a rally that accelerated after Powell announced the first interest rate cut in four years on Sept. 18.
Commentary, Trading Resources Kobeissi Letter blamed the latest rise on the PRC, which announced several fiscal stimulus measures this week.
“This is just the beginning,” it wrote in a dedicated thread on X, describing the PRC as “in a panic.”

BTC retracement targets include $57,000Meanwhile, Bitcoin market participants believe that consolidation near the latest highs is necessary before a new uptrend occurs.
“Sell liquidity has reached $65,000. The next sell liquidity is $66,000. Buy liquidity is around $62,000-$61,000,” prominent trader Skew confirmed to X-Fans.
"So, given the wide gap right now, expect to see more structure develop or a nice consolidation before we continue higher. The bad outcome would be a full retracement and weakness."
The latest data from monitoring resource CoinGlass shows that within exchange order books, liquidity is once again concentrated on both sides of the spot price.
BTC liquidation heat map (screenshot). Source: CoinGlass
A cautious WhalePanda said more time is needed to be convinced of the strength of BTC prices, noting that the main options expire on September 27.
“Bitcoin breaking $65,000 ruins a lot of the ‘forever lower highs’ crowd,” he wrote on X, referring to recent price action.
“I do expect it to be a struggle because tomorrow is a big quarterly options and futures expiration day, so anything that happens in the next 24 hours is just noise.”
BTC/USDT perpetual swap 1-day chart. Source: Justin Bennett/X
Still, commentator Justin Bennett went further to warn that returns of less than $60,000 are still possible.
“This is unconfirmed but conditions are favorable for sweeping $BTC $57-$58k longs before targeting $68-$70k liquidity,” he commented alongside the daily chart.
The upward trend of the bitcoin price is a bit lacking in momentum.
Many friends have asked whether $64,000 to $69,000 has become a resistance level for the rise in BTC prices. Judging from the current on-chain data, $64,000 to $69,000 is not a resistance level yet, because it has been observed for several months. This range has dropped to a freezing point due to the sell-off in the past month. For example, in the past 24 hours, the BTC turnover in this range was less than 7% of the total turnover rate. It is a bit of a stretch to say that this is a resistance level.
The main reason why prices cannot go up is that investors’ motivation to buy is too weak and they are afraid of any information changes.
As for the next market situation, we only need to know one thing, that is, the bull market of Bitcoin is coming.
Which ones are likely to stand out in the coming bull market?
1. Layer 2 SolutionAs blockchain technology continues to develop, Layer 2 solutions are gaining attention for their ability to significantly increase transaction speeds and reduce costs. Projects such as zkSync, Optimism and Arbitrum may become new favorites in the market.
2. Cross-chain technologyCross-chain technology allows different blockchain networks to communicate and exchange value with each other, which is essential to building a more interconnected cryptocurrency ecosystem. Projects such as Polkadot, Cosmos, and Avalanche have potential in this area.
3. Decentralized Finance (DeFi)DeFi has performed well in the past bull market, and with more innovation and increasing user demand for decentralized financial services, DeFi projects such as Uniswap, Aave, and Compound may once again become the focus of the market.
4. Metaverse and Gamification PlatformThe rise of the metaverse concept has brought about interest in virtual worlds and gamification platforms. Projects such as Decentraland, Axie Infinity, and The Sandbox provide users with immersive virtual experiences and may attract more attention in the bull market.
5. Privacy protection and security projectsAs users pay more attention to privacy protection and asset security, projects focusing on privacy and security such as Monero, Zcash, and Aleo may gain more favor among users.
6. Green and Sustainable CryptocurrencyAs environmental issues receive increasing attention, green and sustainable cryptocurrencies such as Ethereum 2.0, Cardano, and Tezos may be favored by the market due to their more environmentally friendly consensus mechanisms.
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