bullish

Rally

Stronger

Bitcoin

Divergence

<ul class="wp-block-list">
 <li><strong>Bitcoin has recovered, hitting an intraday peak of $66,376, up 1.29% today and 5% over the past week.</strong></li>
 <li><strong>Bitcoin’s price surge comes after the release of the US PCE report and the Federal Reserve’s decision to lower interest rates.</strong></li>
</ul>
<p>Bitcoin (BTC) has been making a notable comeback this week, peaking at $66,376—an increase of 1.29% against the U.S. dollar on the day and a solid 5% gain over the past week. After nearly <a href="https://thenewscrypto.com/bitcoin-price-slumps-back-to-63k-amid-increased-volatility/" target="_blank" rel="noopener noreferrer nofollow">two months of consolidation</a>, Bitcoin appears to be entering a more favorable trend.</p>
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 <figure class="aligncenter size-full"><img decoding="async" width="783" height="377" src="https://thenewscrypto.com/wp-content/uploads/2024/09/image-85.png" alt="" class="wp-image-109292" srcset="https://thenewscrypto.com/wp-content/uploads/2024/09/image-85.png 783w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-85-300x144.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-85-768x370.png 768w" sizes="(max-width: 783px) 100vw, 783px">
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<p>On September 27, BTC crossed the $66,000 zone, a significant rise since the U.S. Federal Reserve initiated its first rate cut earlier this year. At the time of writing, Bitcoin was trading at $66,234, with a market value sitting at $1.3 trillion. Despite the rally in the price, Bitcoin trading volume has dipped by about 20%, landing at $29.96 billion.</p>
<p>This current price surge in Bitcoin follows the release of the U.S. Personal Consumption Expenditures (PCE) Price Index report. Additionally, it comes a week after the Fed decided to <a href="https://thenewscrypto.com/u-s-fed-officials-signal-possible-interest-rate-cuts-in-september/" target="_blank" rel="noopener noreferrer nofollow">lower interest rates</a>, which has added positive sentiment to the market. Further, the founder of Binance CZ’s release has also triggered an optimistic outlook within the global crypto community.</p>
<p>Moreover, the People’s Bank of China (PBOC) holds about $6.22 trillion in U.S. dollars. Recent TradingView data shows a strong correlation (0.66) between Bitcoin’s price and the PBOC’s balance sheet size over the last 30 days, indicating that macroeconomic factors are influencing cryptocurrency prices.</p>
<h3 class="wp-block-heading" id="h-24-h-technical-analysis-and-price-outlook-for-bitcoin">24-H Technical Analysis and Price Outlook for Bitcoin</h3>
<p>From a technical analysis perspective, Bitcoin is trading above both the 100-day and 200-day moving averages, indicating a bullish sentiment. The recent crossover of the 100-day MA above the 200-day MA is a positive sign, suggesting sustained upward momentum.&nbsp;</p>
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 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="524" src="https://thenewscrypto.com/wp-content/uploads/2024/09/image-87-1024x524.png" alt="" class="wp-image-109294" srcset="https://thenewscrypto.com/wp-content/uploads/2024/09/image-87-1024x524.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-87-300x154.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-87-768x393.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-87.png 1297w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Further, the Moving Average Convergence Divergence (MACD) is up above the signal line, with the Relative Strength Index (RSI) standing at 65, <a href="https://in.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">indicating</a> a neutral state that supports continued bullish activity. Additionally, the Chaikin Money Flow (CMF) is at 0.11, confirming the positive trend.</p>
<p>Looking ahead, Bitcoin appears to active <a href="https://thenewscrypto.com/are-bitcoin-bulls-gearing-up-for-an-imminent-70k-run/" target="_blank" rel="noopener noreferrer nofollow">short-term bullish rally</a>, where the asset could surpass the $67,250 mark. If this level is evident, a stronger bullish sentiment may emerge, which will push the prices toward the $70K range.</p>
<p>However, Bitcoin may face a slight correction as it opens doors to sellers at $65K. In such scenarios, a critical support level to watch would be around $63.5K, where it could stabilize for a few days before controlling its next move.</p>

Is Bitcoin Ready for a Stronger Rally Above $70,000?

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