Can Bitcoin Price Break Through $60K Double Breakout Zone?
Date: 2024-09-16 Author: Henry Casey Categories: CRYPTO PAYMENTS
Bitcoin price is quickly generating bullish sentiment among traders as BTC continues to hold $60,000.
As of September 15, BTC/USD is up 9% on the week and is poised for a “bullish momentum,” according to the latest analysis.
Bitcoin Price Daily and Weekly Reversal in Progress
Bitcoin price indicators are setting the stage for renewed optimism on the short-term timeframes this week.
After a tough period testing support, the BTC/USD 1-day chart is once again reclaiming key levels, as shown by the Ichimoku Cloud and Relative Strength Index (RSI) indicators.
Popular trader Titan of Crypto posted this data on X (formerly Twitter).
“BTC has rebuilt Tenkan, Kijun and is back above the Kumo cloud,” he confirmed, attaching an Ichimoku chart.
Ichimoku is a classic analysis tool that has been tracking Bitcoin’s bullish trend for the past 18 months. It is also preparing to retest resistance on the weekly timeframe.
Data from Cointelegraph Markets Pro and TradingView confirms that the rebuilding of two key Ichimoku trendlines is also underway.
Continuing, Titan of Crypto noted that the daily RSI has rebuilt above the important 50 mark – and this is also happening on the weekly timeframe.
“At the same time, the RSI has broken through the multi-month trendline,” he concluded.
“If this is confirmed, bullish momentum can be expected in the coming days.”
Bitcoin traders expect US rate cuts
The positive outlook for BTC price is currently linked to macroeconomic developments.
The key event is expected on September 18 — a possible rate cut by the US Federal Reserve.
The size of the cut is debatable, but markets have long been 100% confident that rates, currently at their highest in 25 years, will be cut.
In its latest Telegram newsletter, trading firm QCP Capital suggested preparing for favorable scenarios for risk assets and cryptocurrencies.
“Despite some short-term uncertainty and potential drawdowns, we continue to recommend taking profits ahead of rate cuts and positioning for bullish scenarios,” the company concluded.
