Bitcoin (BTC) Price Regains $62,000 As Analysts Watch For A Break Up

BTC has gained nearly 5% over the past 12 hours, breaking above $62,000 for the first time in over three weeks.

The asset rose from an intraday low of $59,200 to $62,600 before retreating slightly during the Asian trading session on Wednesday morning.

In a post on X on September 19, crypto analyst “Nebrasgangooner” called it a breakout targeting the next resistance area between $63,500 and $64,000, where BTC last visited but failed to breach on September 25. august

#Bitcoin

Finally a breakup.

You should send us to the $63,500-$64,000 resistance area https://t.co/0HunuhRQRY pic.twitter.com/TORPviznPb

— Nebraskangooner (@Nebrasgangooner) September 19, 2024

BTC is approaching resistance

Reflexivity Research co-founder Will Clemente looked at a “higher high” targeting the $65,000 level, which would validate the breakout and bigger move to the upside.

Shoutout to whoever just cashed out BTC at the end

All eyes on $65,000 for a higher max pic.twitter.com/mTEBJ52QeA

— Will (@WClementeIII) September 19, 2024

Meanwhile, analyst Willy Woo said a lot of spot BTC has been built up in the medium term.

“Stock market inventory accounting for derivatives remains flat, but that could change quickly if we get a little pressure,” he said before adding that the chart pattern is forming a bullish flag.

“Current supply and demand is neutral to the downside, but signs of moving to a bullish structure if we get some liquidations. Cautiously optimistic.”

Trader “Bluntz” told his 274,000 X followers on September 19 that the markets were about to break what will be the last higher macro stretch before a new all-time high.

don’t fade this next $BTC ath rip, this will be the last macro stretch higher, you have about 3-4 more months to make as much money as possible. https://t.co/Hqpfa28DvM pic.twitter.com/kZmO6D5we5

— Bluntz (@Bluntz_Capital) September 18, 2024

The post-rate cut bomb has been largely predicted, but it remains to be seen whether crypto markets can build on this momentum over the weekend.

Economist Alex Krüger said that historically, when the Fed starts its easing cycle without a recession, stocks have risen 10% in six months, while if the central bank starts the cycle in recession, stocks have fallen a 12% before adding:

“This is also bullish for bitcoin, but its path largely depends on who wins the election.”

Elsewhere on Crypto Markets

The total market capitalization has gained $100 billion since the Fed’s rate cut decision and now stands at $2.24 trillion at the time of writing, its highest level since the end of August.

Ethereum had recovered the $2,400 level after a 4.1% gain, but was approaching resistance levels. The asset, which has been weak while battling a wave of FUD, still has a long way to go and needs to clear resistance above $2,500.

Altcoins were predominantly green at the time of writing, with biggest gains for Solana (6%), Avalanche (9%), Bitcoin Cash (10%) and Near Protocol up 12% on the day.

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