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Bitcoin price 2-month highs on ‘soft landing’ may precede sub-$60K dip

2 weeks ago

Bitcoin (BTC) tapped $65,000 aft nan Sept. 26 Wall Street unfastened arsenic United States macro events fueled consequence plus gains.

Bitcoin heads higher arsenic China adds to risk-asset fervor

Data from Cointelegraph Markets Pro and TradingView showed BTC value momentum delivering $65,521 connected Bitstamp — its highest successful astir 2 months.

Continued upside came arsenic US Treasury Secretary Janet Yellen boosted hopes that nan Federal Reserve would execute a “soft landing” connected inflation.

Speaking to CNBC, Yellen painted an optimistic image of nan US economy, 1 that Fed Chair Jerome Powell avoided successful prepared remarks astatine nan 2024 US Treasury Market Conference astatine nan New York Fed.

“As I noted erstwhile I said astatine this arena successful 2015, our nation’s full financial model has been built astir nan expertise to quickly and efficiently toggle shape Treasury securities into rate liquidity,” he said.

“I said past that ‘these markets request to support functioning astatine a precocious level, and we each person a liking successful making judge that they do.’ I stay wholly dedicated to that goal.”

Elsewhere, US Q2 gross home merchandise information came successful statement pinch expectations astatine 3.0%, while jobless claims fell somewhat beneath anticipated levels.

The S&P 500 group a caller intraday grounds precocious connected nan day, continuing a rally that gathered gait aft Powell announced nan first liking complaint cuts successful 4 years connected Sept. 18.

Commenting, trading assets The Kobeissi Letter pinned nan logic for nan latest gains connected China, which itself announced various fiscal stimulus moves this week.

“This is only nan beginning,” it wrote successful portion of a dedicated thread connected X, describing China arsenic “panicking.”

BTC retracement targets see $57,000

Bitcoin marketplace participants, meanwhile, saw nan request for consolidation astir nan latest highs earlier caller upside.

Related: Bitcoin sell-side consequence hits 2024 debased conscionable $10K from BTC value record

“$65K inquire liquidity taken. Next inquire liquidity is $66K. Bid liquidity astir $62K - $61K,” celebrated trader Skew confirmed to X followers.

“So fixed nan ample spread now, would want to spot much building create aliases a bully consolidation earlier continuation higher. The bad result would beryllium a afloat retrace pinch weakness.”

The latest information from monitoring resource CoinGlass showed liquidity massing connected either broadside of nan spot value erstwhile much crossed speech bid books.

A cautious WhalePanda said that much clip was needed to beryllium convinced of BTC value strength, noting a awesome options expiry owed connected Sept. 27.

“Bitcoin being supra $65k ruins a batch of nan ‘lower highs forever’ crowd,” he wrote connected X, referring to caller value behavior.

“I do expect this to beryllium a struggle though since tomorrow is simply a ample quarterly options and futures expiry truthful thing happening successful adjacent 24 hours is conscionable noise.”

Commentator Justin Bennett nevertheless went further, informing that a return beneath $60,000 was still possible.

“This isn’t confirmed yet, but nan conditions favour sweeping nan $BTC $57-$58k longs earlier targeting nan $68-$70k liquidity,” he commented alongside nan regular chart.

“Invalidation connected a sustained break supra $65k.”

This article does not incorporate finance proposal aliases recommendations. Every finance and trading move involves risk, and readers should behaviour their ain investigation erstwhile making a decision.

Source CoinTelegraph