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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.
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.
Alex DovbnyaIf bulls continue to hold their ground, this could end up bucking the persistent trend.
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.
Arman ShirinyanEarlier 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.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team