Reserve Dollar

Bitcoin

Rekt

Higher

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) sought to reclaim $60,000 around the Aug. 29 Wall Street open as United States macro data spared bulls major volatility.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/d7a7bad1-93b7-49b1-9407-12f3f93ff83c.png" alt="Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="btc-price-shows-strength-on-us-macro-data">BTC price shows strength on US macro data</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> tracked local highs of $60,845 on Bitstamp, marking BTC price gains of 3% on the day.
These came as US jobless claims and GDP figures broadly adhered to expectations, with the former narrowly missing the forecast levels.
The numbers had little impact on market expectations for future financial policy changes, and the latest estimates from CME Group’s FedWatch Tool <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener nofollow">showed</a> markets continuing to bet on a 0.25% interest rate cut by the Federal Reserve in September.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/6d82c3ea-779d-4670-a03c-d9c64c24c659.png" alt="Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
“We believe that any dip in equities (and crypto) will be short-lived,” trading team QCP Capital told Telegram channel subscribers the day prior. 
<blockquote data-ct-non-breakable="true">
 “With Powell and the Fed ready to kickstart a rate-cutting cycle, increased liquidity will eventually push risk assets higher. We are finally on the cusp of a rate-cutting cycle.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/0242d4c4-c435-4b02-b5d2-ab17d9944636.png" alt="Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
BTC/USD thus aimed to provide light relief to those hoping for upside continuation.
Data from monitoring resource CoinGlass <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">revealed</a> attempts to block that upside with liquidity struggling on short timeframes.
“Will it hold?” trading resource Material Indicators <a href="https://x.com/MI_Algos/status/1829122838881525783" target="_blank" rel="noopener nofollow">queried</a> in part of an accompanying X post about the liquidity shifts.
Referencing an <a href="https://cointelegraph.com/news/bitcoin-whale-buys-1k-btc-binance-selling-sub-58k-low">ongoing support retest</a> on weekly timeframes, popular trader and analyst Rekt Capital remained confident.
“So far, so good,” he <a href="https://x.com/rektcapital/status/1829135263190196462" target="_blank" rel="noopener nofollow">summarized</a>.
<blockquote data-ct-non-breakable="true">
 “The retest continues to be successful as the week goes on. Bitcoin has also been forming Higher Lows since early July.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/218c876a-c796-43ea-8c3b-77ca765d67a3.png" alt="Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Rekt Capital/X
 </figcaption>
</figure>
<h2 id="bitcoin-trader-warns-of-predatory-environment">Bitcoin trader warns of “predatory” environment</h2>
Looking ahead, fellow trader Jelle <a href="https://x.com/CryptoJelleNL/status/1829154716510785626" target="_blank" rel="noopener nofollow">emphasized</a> price reclaiming $62,000 — an area where liquidity has nonetheless thinned out in recent days.
Related:&nbsp;<a href="https://cointelegraph.com/news/btc-price-11x-sp-500-bitcoin-rolling-over-analyst">Bitcoin price at 11x S&amp;P 500 signals BTC is ‘rolling over’ — Analyst</a>
“Environment remains predatory, which means your best bet remains to sit on your hands,” he nonetheless acknowledged. 
<blockquote data-ct-non-breakable="true">
 “Above $62,000 -- could turn into a stronger trending move again.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/b6721879-38e7-49b8-8db0-53d1dafd40c1.png" alt="Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity">
 <figcaption style="text-align: center;">
 BTC/USDT 4-hour chart. Source: Jelle/X
 </figcaption>
</figure>
An earlier post eyed a higher low in the making while also flagging $65,000 as a key level to revisit should strength sustain.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/d21fc58a-2f13-4d2b-aa1d-0b11d9aacc32.png" alt="Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/CryptoJelleNL/status/1829146101573652824" target="_blank" rel="noopener nofollow">Jelle</a>
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity

Table of Contents

Cointelegraph

Other articles published on Aug 29, 2024

US Spot Ethereum ETFs Ends the Prolonged Outflows

How To Cashout CS2 Skins With Cryptocurrencies

As Trump NFT Sales Clear $2M, Bulls Embrace Solciety

When Will Dogecoin and Cardano Prices Rise?

How To Cashout CS2 Skins With Cryptocurrencies

Crypto markets show caution with major put skews in Bitcoin and Ether

Join our free newsletter for daily crypto updates!