Can Bitcoin price overcome the $60K ‘double breakout’ zone?
2024.09.15 11:58
Bitcoin (BTC) is quickly flipping traders bullish as BTC price action continues to hold $60,000.
Up 9% week-to-date as of Sept. 15, BTC/USD is primed for “bullish momentum,” the latest analysis says.
Daily, weekly BTC price turnaround in progress
Bitcoin price indicators form the pretext for fresh BTC price optimism on short timeframes this week.
After a troublesome period testing support, the 1-day BTC/USD chart is now reclaiming key levels, as depicted by both the Ichimoku cloud and relative strength index (RSI).
The results were uploaded to X by popular trader Titan of Crypto.
“BTC has reclaimed the Tenkan, Kijun, and pushed back above the Kumo Cloud,” he confirmed alongside an Ichimoku chart.
BTC/USDT 1-day chart with Ichimoku cloud, RSI data. Source: Titan of Crypto/X
Ichimoku, a classic analysis tool whose signals have accompanied Bitcoin’s bull run through the past 18 months, is also setting up a resistance retest on weekly timeframes.
Data from Cointelegraph Markets Pro and TradingView confirms that a reclaim of the same two Ichimoku trend lines is now in play.
BTC/USD 1-week chart with Ichimoku cloud, RSI data. Source: TradingView
Continuing, Titan of Crypto referenced daily RSI reclaiming the all-important 50 mark — something also in the process of completion on weekly timeframes.
“At the same time, the RSI has broken through a multi-month trendline,” he concluded.
“If confirmed, bullish momentum could follow in the coming days.”
Bitcoin traders anticipate US rate cut week
Positive perspectives on BTC price potential currently revolve around macroeconomic trend changes.
Related: Bitcoin analyst sees ‘biggest bull cycle’ with $45K now BTC price floor
A key example is due on Sept. 18 in the form of a presumed interest rate cut by the United States Federal Reserve.
The size of this is a topic of debate, but markets have long ascribed 100% odds of officials lowering the highest rates in nearly a quarter century.
In its latest circular to Telegram channel subscribers, trading firm QCP Capital suggested preparing for complementary scenarios for risk assets and crypto going forward.
“Despite some short term uncertainty and potential drawdowns, we still favour locking in yields ahead of the rates cut and positioning for bullish scenarios,” it summarized.
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.
