Bitcoin Optimism Rises as $60K Support Signals Potential Turnaround

Bitcoin optimism is rising as charts signal a potential turnaround, with the key factor being BTC's ability to maintain the $60,000 level. 

Source: en.bitcoinsistemi.com

As Bitcoin continues to hold steady at $60,000, traders are growing increasingly bullish. With a 9% increase week to date as of September 15, BTC/USD is set for bullish momentum, according to the latest analysis.

Daily And Weekly BTC Price Turnaround In Progress

Bitcoin price indicators are paving the way for renewed short-term optimism this week. After a challenging period of testing support levels, the 1 day BTC/USD chart is now recovering key levels, as shown by the Ichimoku cloud and the relative strength index (RSI). Popular trader Titan of Crypto shared these results on X, noting that Bitcoin has reclaimed the Tenkan, Kijun, and is back above the Kumo Cloud, as illustrated in the Ichimoku chart. The Ichimoku tool, which has been a reliable indicator during Bitcoin's bull run over the past 18 months, is also signaling a potential resistance retest on weekly timeframes.

Data indicates that the same two Ichimoku trend lines are being reclaimed. Titan of Crypto also highlighted that the daily RSI is approaching the critical 50 mark, with similar developments occurring on weekly timeframes. Additionally, the RSI has broken through a multi month trendline, according to his analysis.

Bitcoin Traders Anticipate A Week Of US Rate Cuts

Current positive outlooks on Bitcoin's price potential are largely influenced by macroeconomic trends. A notable event expected on September 18 is a potential interest rate cut by the United States Federal Reserve. While the exact size of the cut remains uncertain, markets are anticipating a 100% probability that officials will reduce rates from their highest levels in nearly 25 years.

In its latest update to Telegram channel subscribers, trading firm QCP Capital advised preparing for various scenarios affecting risk assets and cryptocurrencies. Despite some short-term uncertainty and possible pullbacks, we still recommend locking in yields ahead of the rate cut and positioning for bullish outcomes, the firm concluded.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.