Bitcoin Price Climbs Over $60K with $66K Target Ahead Amid Rate Cut Speculations
With Bitcoin (BTC) breaching the $60,000 threshold, a surge in bullish sentiment is underway, driven by speculation surrounding a potential interest rate cut expected at today’s Federal Open Market Committee (FOMC) meeting. Currently positioned at $60,236, BTC has shown limited intraday movement following a 3.61% increase recorded yesterday.
Industry analysts are contemplating the likelihood of a 500 basis point reduction in interest rates, positing whether Bitcoin’s head-and-shoulder pattern might propel it beyond the $66,590 mark.
Evaluation of Bitcoin’s Progress Toward $61K
An ascending trend visible in the 4-hour chart points towards an inverted head-and-shoulder pattern in BTC’s price trajectory. This upward motion, in conjunction with the positive pattern, indicates a bullish trajectory for Bitcoin amid an overall improvement in market sentiment.
The recent upsurge forms an engulfing candle on the daily chart, breaking a bearish trend spanning three days over the weekend and Monday. This, paired with the confirmation of the right shoulder in the inverted head-and-shoulder pattern, enhances the likelihood of a continuation of the upward trend post-retest.
Bitcoin ETF Inflows Driving Bullish Attitudes
Further boosting the recovery momentum, Bitcoin ETF inflows have experienced a notable surge. The U.S. Spot Bitcoin ETF market observed its fourth consecutive day of bullish activity with a $186 million inflow recorded yesterday. Inflows into Grayscale, Bitwise, and Fidelity ETFs have also been substantial, reinforcing the positive trend in the market.
BTC Price Targets and Market Perspective
By referencing Fibonacci levels from the daily chart, the subsequent resistance level following $61,613 is projected to be around $66,600, with pivotal support levels situated at $60,000 and $57,681. In the 4-hour chart, the MACD indicator displays a bullish crossover, indicating a possible continuation of the uptrend.
In summary, with Bitcoin’s value sustained above $60,000 and a clear objective of $66,590 in sight, the cryptocurrency market appears primed for additional gains amid escalating optimism and favorable market signals. Nonetheless, it is advised for readers to conduct comprehensive research prior to making any investment decisions, as market dynamics are subject to volatility and unpredictability.
