- Bitcoin has recovered, hitting an intraday peak of $66,376, up 1.29% today and 5% over the past week.
- Bitcoin’s price surge comes after the release of the US PCE report and the Federal Reserve’s decision to lower interest rates.
Bitcoin (BTC) has been making a notable comeback this week, peaking at $66,376—an increase of 1.29% against the U.S. dollar on the day and a solid 5% gain over the past week. After nearly two months of consolidation, Bitcoin appears to be entering a more favorable trend.
On September 27, BTC crossed the $66,000 zone, a significant rise since the U.S. Federal Reserve initiated its first rate cut earlier this year. At the time of writing, Bitcoin was trading at $66,234, with a market value sitting at $1.3 trillion. Despite the rally in the price, Bitcoin trading volume has dipped by about 20%, landing at $29.96 billion.
This current price surge in Bitcoin follows the release of the U.S. Personal Consumption Expenditures (PCE) Price Index report. Additionally, it comes a week after the Fed decided to lower interest rates, which has added positive sentiment to the market. Further, the founder of Binance CZ’s release has also triggered an optimistic outlook within the global crypto community.
Moreover, the People’s Bank of China (PBOC) holds about $6.22 trillion in U.S. dollars. Recent TradingView data shows a strong correlation (0.66) between Bitcoin’s price and the PBOC’s balance sheet size over the last 30 days, indicating that macroeconomic factors are influencing cryptocurrency prices.
24-H Technical Analysis and Price Outlook for Bitcoin
From a technical analysis perspective, Bitcoin is trading above both the 100-day and 200-day moving averages, indicating a bullish sentiment. The recent crossover of the 100-day MA above the 200-day MA is a positive sign, suggesting sustained upward momentum.Â
Further, the Moving Average Convergence Divergence (MACD) is up above the signal line, with the Relative Strength Index (RSI) standing at 65, indicating a neutral state that supports continued bullish activity. Additionally, the Chaikin Money Flow (CMF) is at 0.11, confirming the positive trend.
Looking ahead, Bitcoin appears to active short-term bullish rally, where the asset could surpass the $67,250 mark. If this level is evident, a stronger bullish sentiment may emerge, which will push the prices toward the $70K range.
However, Bitcoin may face a slight correction as it opens doors to sellers at $65K. In such scenarios, a critical support level to watch would be around $63.5K, where it could stabilize for a few days before controlling its next move.
