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<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-exceeds-61000-with-rate-cuts-hype-fueling-bullish-engines/">Bitcoin Exceeds $61,000 With Rate Cuts Hype Fueling Bullish Engines</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Recovering from a minor slump below the $60,000 critical mark, Bitcoin is back with the hype of rate cuts resurfacing. Concluding the bearish sprint and extending the prevailing uptrend, the BTC price exceeds the $61,000 level as the bullish engines heat up.</p> 
<p>So, are you considering buying Bitcoin as the bulls resurface? More importantly, will this BTC price rally create a new all-time high?&nbsp;</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2> 
<p>In the last 24 hours, Bitcoin’s price has increased by 4.64%, with an intraday growth of 2.84%. Over the past two daily candles, Bitcoin has jumped 4.70%, surpassing the $61,000 resistance level. Currently trading at $61,184, Bitcoin is projecting a bullish recovery.</p> 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="509" src="https://image.coinpedia.org/wp-content/uploads/2024/08/20121620/BTC-USD-analysis-20-aug-1024x509.png" alt="BTC Price Analysis" class="wp-image-340394" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/20121620/BTC-USD-analysis-20-aug-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/20121620/BTC-USD-analysis-20-aug-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/20121620/BTC-USD-analysis-20-aug-768x381.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/20121620/BTC-USD-analysis-20-aug-1536x763.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/20121620/BTC-USD-analysis-20-aug-150x75.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/20121620/BTC-USD-analysis-20-aug.png 1802w" sizes="(max-width: 1024px) 100vw, 1024px">
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  BTC USD analysis
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<p>On a broader scale, the BTC price action reveals a bullish cycle, gaining momentum within a falling channel. Considering the prevailing uptrend, this falling channel also forms a bullish flag pattern.&nbsp;</p> 
<p>Bitcoin has formed a rounding bottom reversal in the short term, with the neckline at $61,625. A breakout above this level could extend the BTC price rally further.</p> 
<p>The MACD indicator shows a bullish crossover between the MACD and signal line, with positive histograms resurfacing. The daily RSI line has also shown an uptick, surpassing the 50% mark. These momentum indicators are positive, reinforcing the bullish sentiment.</p> 
<h2 class="wp-block-heading" id="weak-bullish-hands-get-shaken-out">Weak Bullish Hands Get Shaken Out&nbsp;</h2> 
<p>With $43M worth of short positions liquidating in 12 hours, the crypto market witnessed a boost in its recovery run.&nbsp;</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeGLHbGFoQZ0Bvd5LbKD5thy99jZVvsX7Q-Ngw3FZC1HnIRt2YZQtvdZK_R1ej8alu_0-i0i5KYofOYJ9qWrMYFmpigX8dzmPB9PQlRfKU5LzjJZTtfrsBtQRBEPOzX0N0zYbToHFYrT7mgJbI0gUAUfHA8?key=fScbVTEnSrfzPvVzR8qzLA" alt="">
</figure> 
<p>Further, Bitcoin’s dominance increased by 0.50% to 56.07%, and the BTC price jump improved the market sentiment. The crypto Fear and Greed Index shows that the mood has uplifted, as the index is up 7.14%.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-will-btc-price-drop-to-50k">Will BTC Price Drop To $50K?</h2> 
<p>The next resistance level for the BTC price is the 50% Fibonacci retracement level at $64,766. As the bull cycle in Bitcoin, starting from the $55,852 support level, has picked up pace; the rally will likely challenge the overhead resistance trendline.&nbsp;</p> 
<p>A bullish breakout above this trendline could be a significant buy signal for traders, marking the flag pattern breakout. With this, Bitcoin could surpass $73,679, setting a new all-time high and potentially targeting $84,696, the 1.618% Fibonacci level.</p>

Bitcoin Exceeds $61,000 With Rate Cuts Hype Fueling Bullish Engines

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