Bitcoin

Rekt

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) neared $60,000 after the Sept. 13 Wall Street open as gold set a new US dollar all-time high.
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 <img alt="Bitcoin price eyes $60K reclaim as gold hits fresh all-time high" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ec38-99a4-7f80-bc71-4a294ffbe0cf">
 <figcaption style="text-align: center;">
 BTC/USD 4-hour chart. Source: TradingView
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<h2 id="br-btc-price-launches-toward-key-60-000-mark"> BTC price launches toward key $60,000 mark</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="" target="_self" text="null" title="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="nofollow noopener" target="_blank" text="null" title="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE">TradingView</a> showed BTC price action matching 10-day highs on Bitstamp.
Bitcoin extended a recovery that began prior to the weekly open as United States macroeconomic data left markets confident that Federal Reserve policy easing would be guaranteed at <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/is-crypto-entering-a-bear-market-5-things-bitcoin-this-week" rel="" target="_self" text="null" title="https://cointelegraph.com/news/is-crypto-entering-a-bear-market-5-things-bitcoin-this-week">next week’s meeting</a> on interest rates.
US stocks were marginally up on the day, while gold recorded its highest-ever USD value at $2,585 per ounce.
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 <img alt="Bitcoin price eyes $60K reclaim as gold hits fresh all-time high" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ec32-653f-7a51-a420-325ee3b36ee9">
 <figcaption style="text-align: center;">
 XAU/USD 4-hour chart. Source: TradingView
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</figure>
 Analyzing one-day timeframes, popular trader and analyst Rekt Capital noted an encouraging bounce from the lower boundary of a descending BTC price channel.
“Great reaction so far, setting BTC up for a Daily Close above the Channel Bottom (black),” he <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1834618296190013683" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/rektcapital/status/1834618296190013683">commented</a> alongside an explanatory chart on X.
<blockquote>
 “Daily Closes above the Channel Bottom have enabled upside in the past. For a bullish Weekly Close BTC would need to stay above $58150 until the end of the weekend.”
</blockquote>
<figure>
 <img alt="Bitcoin price eyes $60K reclaim as gold hits fresh all-time high" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ec32-de0e-73da-9aeb-2fe27eaf83dc">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: Rekt Capital/X
 </figcaption>
</figure>
BTC/USD was just 1% down month-to-date, which helps explain the unusual <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-anxiety-stage-september-losses-silver-lining" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-price-anxiety-stage-september-losses-silver-lining">September price performance</a> for a month that usually sees losses of <a data-ct-non-breakable="null" href="https://www.coinglass.com/today" rel="nofollow noopener" target="_blank" text="null" title="https://www.coinglass.com/today">around 7%</a>.
<figure>
 <img alt="Bitcoin price eyes $60K reclaim as gold hits fresh all-time high" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ec33-8f3f-7a7c-9cb4-21b485fe637a">
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 BTC/USD monthly returns (screenshot). Source: CoinGlass
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“Bitcoin is following the projection with a slow, but consistent, uptrend. This is really good,” popular trader CrypNuevo <a data-ct-non-breakable="null" href="https://x.com/CrypNuevo/status/1834615188915368443" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/CrypNuevo/status/1834615188915368443">added</a> in part of his latest X updates.&nbsp;
<blockquote>
 “Targets are $58.8k liquidations and the wick at $59.5k.”
</blockquote>
<figure>
 <img alt="Bitcoin price eyes $60K reclaim as gold hits fresh all-time high" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ec34-0243-7063-be16-b5ada5aed0c5">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: CrypNuevo/X
 </figcaption>
</figure>
Fellow trader Crypto Vikings <a data-ct-non-breakable="null" href="https://x.com/CryptoVikings07/status/1834609408216543311" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/CryptoVikings07/status/1834609408216543311">noted</a> that BTC/USD was on the verge of reclaiming the 200-period exponential moving average (EMA) on 4-hour timeframes.
The breakout, he predicted, would be “massive.”
<figure>
 <img alt="Bitcoin price eyes $60K reclaim as gold hits fresh all-time high" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ec34-e866-7062-b83a-f49d0edeba67">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Crypto Vikings/X
 </figcaption>
</figure>
<h2 id="bitcoin-optimism-joins-rising-bets-of-larger-fed-rate-cut-br">Bitcoin optimism joins rising bets of larger Fed rate cut </h2>
Bitcoin thus <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-58k-us-ppi-jobless-claims-surprise" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-price-58k-us-ppi-jobless-claims-surprise">shook off uncertainty</a>, which accompanied US inflation data.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-make-or-break-moment-hangs-on-46-k-support-research" rel="null" target="null" text="null" title="Bitcoin 'make or break moment' hangs on $46K BTC price support — Research">Bitcoin ‘make or break moment’ hangs on $46K BTC price support — Research</a> 
The latest estimates from CME Group’s <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="nofollow noopener" target="_blank" text="null" title="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">FedWatch Tool</a> maintained confident market projections of a 0.25% rate cut on Sept. 18 versus a larger 0.5% on Sept. 18, which nonetheless decreased compared to earlier in the week.
<figure>
 <img alt="Bitcoin price eyes $60K reclaim as gold hits fresh all-time high" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ec36-13ab-7f6a-82a8-7ea2f478a99a">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
The S&amp;P 500, as an example of the positive risk-asset mood, had added nearly $2 trillion in value over the past week alone, trading resource The Kobeissi Letter observed.
“Nvidia, NVDA, is up over 15% this week and the S&amp;P 500 is just 1% away from a new all time high,” it <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1834600357147664387" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/KobeissiLetter/status/1834600357147664387">reported</a> to X followers.
<blockquote>
 “Is this the most resilient market of all time?”
</blockquote>
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 price eyes $60K reclaim as gold hits fresh all-time high

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