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HomeCrypto NewsAnalysisAs Bitcoin Remains Above $60k, Buyers Target $66K Amid Rate Cut Speculations

As Bitcoin Remains Above $60k, Buyers Target $66K Amid Rate Cut Speculations

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With Bitcoin price sustaining above $60,000, bulls target the $66K level amid rate cut speculations.

As the BTC price rises above the $60,000 level, bullish sentiments are improving, with rising speculation of a potential rate cut in today’s FOMC meeting. The Bitcoin price currently trades at $60,236, with a minimal intraday move following yesterday’s 3.61% jump.

With the chances of a 500 basis point cut in interest rates, will Bitcoin’s head-and-shoulder pattern reach the $66,590 mark? 

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Bitcoin Recovery Teases $61K Break

With a recovery run in the 4-hour chart, the BTC price action shows an inverted head-and-shoulder pattern. The recovery run with the bullish pattern teases an uptrend in Bitcoin as the broader market sentiments are improving.

Bitcoin Price Chart
Bitcoin Price Chart

The bullish jump creates an engulfing candle in the daily chart, undermining the 3-day bearish pullback over the weekend and Monday. 

The 4-hour chart’s recovery run and the bullish engulfing candle of the daily chart complete the right shoulder of an inverted head-and-shoulder pattern. As the minor pullback retests the bullish breakout, the uptrend chances with a post-retest reversal for Bitcoin increase. 

Bitcoin Price Chart
Bitcoin Price Chart

Based on the Fibonacci levels of the daily chart, the next resistance level is the $61,613 support resistance level at 23.60%, with the target at $66,600. 

Bitcoin ETFs Buy More 

Supporting the bullish recovery, the Bitcoin ETF market witnesses a surge in inflows. Yesterday, the U.S. Spot Bitcoin ETF market registered the fourth consecutive bullish day with an inflow of $186 Million. 

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Bitcoin Spot ETFs
Bitcoin Spot ETFs

Amid the recovery day, Grayscale’s Spot Bitcoin ETF protects the Bitcoin held with zero flow. Further, the Bitwise and Fidelity ETFs fueled the growth with $45.4 million and $56.6 million inflows, respectively.  

BTC Price Targets 

Based on the price action levels of the 4-hour chart, the next resistance levels above the $61,451 ceiling are $64,596 and $66,590. Meanwhile, the base supports are at $60,000 psychological support, followed by the $57,681 horizontal level. 

The MACD indicator in the 4-hour chart gives a bullish crossover with a surge in the positive histograms. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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