Destination Moon, return. A recent change in monetary policy Federal Reserve System the American (Fed), which has cut its key rates by 50 basis points allowed the first one last week bull shock “risky” assets such as stocks or cryptocurrencies. The last ones even have scored a week in the green in terms of capital inflows into their specialized investment products. However, really hoping to see ” To the moon » in the cryptosphere it will first be necessary that bitcoin (BTC) is exempted from resistance $65,200according to Bitfinex experts.
Bitcoin needs to break its August 25 high to start over bull run
From the decisions of the central bankers Fed cut its key rates, adopted on 18 September 2024 Bitcoin price passed from the neighborhood $59,500 before announcing a little less than $64,000 Today. But in recent days, prices stagnate again after this small increase (almost +8% the same).
According to the latest weekly analyst bulletin from Bitfinex Alphapublished on September 23 this year, the recent start of a bullish move in cryptocurrencies is currently hitting a obstacle main. Really, the last highest BTC prices printed in August viz $65,200 on August 25, has not yet been exceeded. Gold, print new high is a crucial step for the king of cryptoassets to avert his bad fate bearish stagnationand be inside again bullish trend.
“Bitcoin is now within reach of the August 25 high of $65,200. The reason this level is important is that since BTC hit an all-time high of $73,666 on March 14th, it has still failed to print a single high before a new local bottom is formed. This meets the technical definition of a downtrend. »
Excerpt from 123E Bitfinex Alpha Newsletter
Small break or direct continuation of increasing BTC?
After last low at $52,750 bitcoins recorded on September 6, the cryptocurrency leader still achieved +22% increase. This leads Bitfinex analysts to believe that BTC might struggle to do so resistance in the amount of 65,200 USD. Therefore, for the time being, they are leaning towards ” new clean up close to current prices aa consolidation for a while.”
But since there is a but, experts do not completely rule out a clear upward direction. First “counterargument” bullish would be continuity renewed interest in spot bitcoin ETFs. If in addition the US stock market, and especially S&P500 continues to move up, bitcoin could also follow, towards new ATH (historic highs).
“If (…) BTC price breaks the resistance levels from late August (…), it could indicate that our current rally may continue towards new highs in Bitcoin. »
Excerpt from 123E Bitfinex Alpha Newsletter
In addition to the arguments presented by Bitfinex, another sign may allow to consider a restart bullish bitcoin. Really, gold has already set new price records against the dollarquite recently. But the cryptocurrency king has the uncanny ability to be both correlated with stock markets as “risky” assets, but also to be correlated with the precious metal as a hedge against fiat currency inflation. And in both cases, these assets seem to correlate with Bitcoin already clearly on the rise…