The crypto winters are about to end as the markets are making a huge positive move. The start of the week was extremely bullish for Bitcoin as the price rebounded from local support and set up an 8% jump to test an important resistance at $62,500. Although the bears dragged the levels slightly lower, the possibility of revamping a strong rise to reach $68,000 seems to have been activated with the latest surge.
In a recent update, the Federal Reserve cut the interest rates for the first time since March 2020 by 50 basis points, marking one of the most surprising Fed decisions since 2009. This is believed to have offered a strong boost to the BTC price, which jumped out of consolidation. Now that another important meeting of the Bank of Japan is scheduled for September 20, the question arises: can these catalysts push the Bitcoin price above $70,000?
The BTC price was training under immense bearish pressure, failing to clear the resistance at $59,900 for over a period. However, the rate cuts made them hopeful of the upcoming trend and as a result, more than $57 million in shorts were liquidated in a short period. As the traders become bullish on Bitcoin, more possibility of breaching the crucial resistance at $62,500 initially and later at $64,000 has emerged.
The supertrend has just flipped to bullish while the +Di & the -Di of DMI underwent a bullish crossover. Therefore, a rise to $64,800 appears to be imminent in the next few days; however, to rise to the upper resistance of the pattern, the BTC price is required to face a minor pullback. The RSI has surged above the average bands and is about to hit the upper threshold. If the bulls display strength, then the RSI may hover within the overbought zone for a while.
This move may help the Bitcoin (BTC) price to maintain a consolidated upswing to the resistance of the expanding megaphone at $68,700. Otherwise, a rejection may be expected soon after the price tests $64,500, keeping the rally consolidated below $63,000 until the next bullish push.
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