As the price of Bitcoin breaks through $60,000, investors are becoming more and more optimistic about the crypto market. Data shows that as of September 15, BTC/USD has risen by about 9% this week, and is expected to usher in a new round of bullish momentum.
Bitcoin’s price reversal is underway
Bitcoin price indicators are paving the way for renewed optimism this week. After a tough period of testing support levels, the Ichimoku Kinko Hyo and RSI indicators on the daily Bitcoin chart show that BTC prices are recovering key levels. Well-known trader Titan of Crypto posted on the X platform that as shown by the Ichimoku Kinko Hyo, Bitcoin has recaptured the turning point (the point calculated by the highest and lowest lows of the past 9 periods) and the baseline (the point calculated by the highest and lowest values of the past 26 periods) and returned to the cloud band (Kumo Cloud). Ichimoku Kinko Hyo is a classic data analysis tool. These indicators have been an important measure of Bitcoin's bull market in the past eighteen months. It has also retested resistance levels on the weekly timeframe. The data shows that the Bitcoin market is currently reclaiming the same two trend lines. Titan of Crypto also emphasized that Bitcoin's daily RSI is approaching the key 50 mark, and a similar trend is also seen on the weekly timeframe. At the same time, the RSI has also broken through the multi-month trendline. Together, these price indicators show that Bitcoin's price reversal is underway.
Traders predict U.S. interest rate cuts could start this week
The current market investors' optimism about the rise in Bitcoin prices is mainly affected by macroeconomic trends. The market expects that the Federal Reserve may start cutting interest rates on September 18. Although the extent of the rate cut is still uncertain, it is expected that the probability of the Federal Reserve cutting interest rates by 25 basis points has reached 100%. Trading company QCP Capital posted on its Telegram channel that it recommends that investors be prepared for various emergencies that affect risky assets and crypto assets. Despite some short-term uncertainties and possible pullbacks, we still recommend locking in yields before rate cuts and preparing for bullish results.
