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BTC has gained almost 5% over the past 12 hours, topping $62,000 for the first time in more than three weeks.
The asset climbed from an intraday low of $59,200 to tap $62,600 before retreating slightly during the Wednesday morning Asian trading session.
In a post on X on Sept. 19, crypto analyst ‘Nebraskangooner’ called it a breakout targeting the next resistance area at $63,500 to $64,000, where BTC last visited but failed to breach on Aug. 25.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>
 Finally a breakout.
 Should send us to $63,500-64,000 resistance area <a href="https://t.co/0HunuhRQRY" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/0HunuhRQRY</a> <a href="https://t.co/TORPviznPb" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/TORPviznPb</a>
 — Nebraskangooner (@Nebraskangooner) <a href="https://twitter.com/Nebraskangooner/status/1836555925580075367?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 19, 2024</a>
</blockquote>
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<h2 id="btc-approaching-resistance">BTC Approaching Resistance</h2>
Reflexivity Research co-founder Will Clemente eyed a ‘higher high’ targeting the $65,000 level, which would validate the breakout and larger move to the upside.
<blockquote class="twitter-tweet">
 Shoutout to whoever just ripped BTC into the close
 All eyes on $65k for a higher high <a href="https://t.co/mTEBJ52QeA" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/mTEBJ52QeA</a>
 — Will (@WClementeIII) <a href="https://twitter.com/WClementeIII/status/1836557726614229250?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 19, 2024</a>
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Meanwhile, analyst Willy Woo <a href="https://x.com/woonomic/status/1836296837168533747" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">said</a> there were lots of spot BTC being scooped up in the medium term.
<blockquote>
 “Exchange inventory accounting for derivatives remains flat, but this could change quickly if we get a short squeeze,” he said before adding that the chart pattern is forming a bull flag.
 “Current demand and supply is neutral bearish, but signs of moving into a bullish structure if we get some liquidations. Cautiously optimistic.”
</blockquote>
Trader “Bluntz” told his 274,000 X followers on Sept. 19 that markets were about to rip in what will be the last macro leg higher before a new all-time high.
<blockquote class="twitter-tweet">
 dont fade this next <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> ath rip, this will be the last macro leg higher, you got about 3-4 more months to make as much money as possible. <a href="https://t.co/Hqpfa28DvM" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Hqpfa28DvM</a> <a href="https://t.co/kZmO6D5we5" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/kZmO6D5we5</a>
 — Bluntz (@Bluntz_Capital) <a href="https://twitter.com/Bluntz_Capital/status/1836554294109348308?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 18, 2024</a>
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The post <a href="https://cryptopotato.com/federal-reserve-announces-0-5-interest-rate-cut-bitcoin-soars-above-60k/" data-wpel-link="internal" rel="noopener noreferrer nofollow">rate cut</a> pump has been largely <a href="https://cryptopotato.com/analysts-predict-end-of-bitcoin-consolidation-as-fed-rate-cut-looms/" data-wpel-link="internal" rel="noopener noreferrer nofollow">predicted</a> but it remains to be seen whether crypto markets can build upon this momentum over the weekend.
Economist Alex Krüger <a href="https://x.com/krugermacro/status/1836621688877773090" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">said</a> that historically when the Fed begins its easing cycle with no recession, equities have rallied 10% in six months, while if the central bank begins the cycle in a recession, equities have fallen by 12% before adding:
<blockquote>
 “This is bullish for bitcoin as well, but its path is heavily dependent on who wins the election.”
</blockquote>
<h2 id="elsewhere-on-crypto-markets">Elsewhere on Crypto Markets</h2>
Total market capitalization has gained $100 billion since the Fed rate cut decision and has now settled at $2.24 trillion at the time of writing, its highest level since late August.
Ethereum had reclaimed the $2,400 level after a 4.1% gain but was approaching resistance levels. The asset, which has been weak while battling a <a href="https://cryptopotato.com/ethereans-defy-the-fud-as-eth-etf-flows-flip-positive/" data-wpel-link="internal" rel="noopener noreferrer nofollow">wave of FUD</a>, still has a long way to go and needs to clear resistance just above $2,500.
The altcoins were predominantly green at the time of writing, with larger gains for Solana (6%), Avalanche (9%), Bitcoin Cash (10%), and Near Protocol with 12% on the day.
The post <a href="https://cryptopotato.com/bitcoin-btc-price-reclaims-62k-as-analysts-eye-upside-breakout/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Reclaims $62K as Analysts Eye Upside Breakout</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin (BTC) Price Reclaims $62K as Analysts Eye Upside Breakout

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