Bitcoin price eyes $60K reclaim as gold hits fresh all-time high
2024.09.13 13:09
Bitcoin (BTC) neared $60,000 after the Sept. 13 Wall Street open as gold set a new US dollar all-time high.
BTC/USD 4-hour chart. Source: TradingView
BTC price launches toward key $60,000 mark
Data from Cointelegraph Markets Pro and TradingView showed BTC price action matching 10-day highs on Bitstamp.
Bitcoin extended a recovery that began prior to the weekly open as US macroeconomic data left markets confident that Federal Reserve policy easing would be guaranteed at next week’s meeting on interest rates.
US stocks were marginally up on the day, while gold recorded its highest-ever USD value at $2,585 per ounce.
XAU/USD 4-hour chart. Source: TradingView
Analyzing 1-day timeframes, popular trader and analyst Rekt Capital noted an encouraging bounce from the lower boundary of a descending BTC price channel.
“Great reaction so far, setting BTC up for a Daily Close above the Channel Bottom (black),” he commented alongside an explanatory chart on X.
“Daily Closes above the Channel Bottom have enabled upside in the past. For a bullish Weekly Close $BTC would need to stay above $58150 until the end of the weekend.”
BTC/USD 1-day chart. Source: Rekt Capital/X
BTC/USD was just 1% down month-to-date, helping aid unusual September price performance for a month that usually sees losses of around 7%.
BTC/USD monthly returns (screenshot). Source: CoinGlass
“Bitcoin is following the projection with a slow, but consistent, uptrend. This is really good,” popular trader CrypNuevo added in part of his latest X updates.
“Targets are $58.8k liquidations and the wick at $59.5k.”
BTC/USD 1-hour chart. Source: CrypNuevo/X
Fellow trader Crypto Vikings noted that BTC/USD was on the verge of reclaiming the 200-period exponential moving average (EMA) on 4-hour timeframes.
The breakout, he predicted, would be “massive.”
BTC/USD chart. Source: Crypto Vikings/X
Bitcoin optimism joins rising bets of larger Fed rate cut
Bitcoin thus shook off uncertainty, which accompanied US inflation data.
Related: Bitcoin ‘make or break moment’ hangs on $46K BTC price support — Research
The latest estimates from CME Group’s FedWatch Tool maintained confident market projections of a 0.25% rate cut on Sept. 18 versus a larger 0.5% on Sept. 18, which nonetheless decreased compared to earlier in the week.
Fed target rate probabilities. Source: CME Group
The S&P 500, as an example of the positive risk-asset mood, had added nearly $2 trillion in value over the past week alone, trading resource The Kobeissi Letter observed.
“Nvidia, $NVDA, is up over 15% this week and the S&P 500 is just 1% away from a new all time high,” it reported to X followers.
“Is this the most resilient market of all time?”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
