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Bulls Back in Driver's Seat as BTC Reclaims $60K

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Fri, 13/09/2024 - 20:37
Bulls Back in Driver's Seat as BTC Reclaims $60K
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The price of Bitcoin soared back above the make-it-or-break-it $60,000 level earlier this Friday, peaking at $60,018 on the Bitstamp exchange.

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BTC/USD Image by TradingView

The current month has now turned green with a modest 1.48% gain. This is despite the fact that September is Bitcoin's worst-performing month, with only three years in the green since 2013. In 2023, for instance, the flagship cryptocurrency lost as much as 11.29% during September. 

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If bulls continue to hold their ground, this could end up bucking the persistent trend. 

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Bitcoin's recent price spike was likely driven by new developments on the macro front. Market participants are now speculating about the U.S. Federal Reserve implementing a 50-basis point interest rate cut. This came after former New York Federal Reserve President Bill Dudley voiced support for such a move. According to betting site Poymarket, there is currently a 36% chance of the Fed opting for the higher-than-expected rate cut. 

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Earlier today, MicroStrategy co-founder Michael Saylor also announced the acquisition of $1.1 billion worth of Bitcoin. However, the massive purchase, which once again underscored the billionaire's conviction, did not affect the price action in a substantial way. 

The largest cryptocurrency has now approached a crucial resistance zone. According to pseudonymous trader Ali, the price of Bitcoin could potentially surge to $64,000 if bulls manage to maintain their momentum. 

Christopher Burniske, partner at VC firm Placeholder, has opined that Bitcoin is now "getting its mojo back" in a recent social media post.

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