Bitcoin neared $60,000 after the Sept. 13 Wall Street open as gold set a new US dollar all-time high.
BTC price launches toward key $60,000 mark
Data from Cointelegraph Markets Pro and TradingView showed BTC price action matching 10-day highs on Bitstamp.
Bitcoin extended a recovery that began prior to the weekly open as United States macroeconomic data left markets confident that Federal Reserve policy easing would be guaranteed at next week’s meeting on interest rates.
US stocks were marginally up on the day, while gold recorded its highest-ever USD value at $2,585 per ounce.
Analyzing one-day timeframes, popular trader and analyst Rekt Capital noted an encouraging bounce from the lower boundary of a descending BTC price channel.
“Great reaction so far, setting BTC up for a Daily Close above the Channel Bottom (black),” he commented alongside an explanatory chart on X.
“Daily Closes above the Channel Bottom have enabled upside in the past. For a bullish Weekly Close BTC would need to stay above $58150 until the end of the weekend.”
BTC/USD was just 1% down month-to-date, which helps explain the unusual September price performance for a month that usually sees losses of around 7%.
“Bitcoin is following the projection with a slow, but consistent, uptrend. This is really good,” popular trader CrypNuevo added in part of his latest X updates.
“Targets are $58.8k liquidations and the wick at $59.5k.”
Fellow trader Crypto Vikings noted that BTC/USD was on the verge of reclaiming the 200-period exponential moving average (EMA) on 4-hour timeframes.
The breakout, he predicted, would be “massive.”
Bitcoin optimism joins rising bets of larger Fed rate cut
Bitcoin thus shook off uncertainty, which accompanied US inflation data.
The latest estimates from CME Group’s FedWatch Tool maintained confident market projections of a 0.25% rate cut on Sept. 18 versus a larger 0.5% on Sept. 18, which nonetheless decreased compared to earlier in the week.
The S&P 500, as an example of the positive risk-asset mood, had added nearly $2 trillion in value over the past week alone, trading resource The Kobeissi Letter observed.
“Nvidia, NVDA, is up over 15% this week and the S&P 500 is just 1% away from a new all time high,” it reported to X followers.
“Is this the most resilient market of all time?”
