Originally published on: September 26, 2024
Bitcoin traders witnessed a 2% surge in BTC price on September 26, signaling a potential break through key resistance levels as the market eagerly awaited fresh United States macro data.
BTC/USD Strengthens Amid Market Anticipation
On the 1-hour chart, Bitcoin’s upward momentum was evident as it rallied from a dip to $62,700. Despite facing significant ask liquidity at $65,000, BTC/USD displayed promising signs of continued upward movement.
Key Factors Affecting Bitcoin’s Price
According to popular trader Skew, Bitcoin’s systematic uptrend remains intact, supported by factors such as price trending with exponential moving averages (EMAs), the relative strength index (RSI) above 50, and active spot buyers entering the market.
The Long-Term Outlook for Bitcoin
While opinions on Bitcoin’s ability to surpass the $65,000 resistance level varied, long-term perspectives remained optimistic. Traders like Daan Crypto Trades described Bitcoin as being in a “waiting room” at $65,000, highlighting the potential for a liquidity sweep even in the event of rejection at that level.
The Influence of US Macro Data and Federal Reserve Actions
Market participants were eagerly awaiting the release of US Q2 GDP data and initial jobless claims, along with speeches by senior Federal Reserve officials, including Chair Jerome Powell. Powell’s dovish stance, hinting at future interest rate cuts, has set the stage for easing financial policies globally, creating a positive environment for risk assets like Bitcoin and altcoins.
Stay Informed on Market Developments
Events like the US GDP reading and Powell’s comments are crucial for traders to monitor closely, as they can have a significant impact on asset prices in the short term.
Remember, this article provides insights into market trends and does not offer investment advice. It’s essential for readers to conduct their own research and analysis before making any investment decisions.
