Investors quickly turned bullish as the Bitcoin (BTC) price held steady at $60,000.
According to the latest analysis, BTC/USD, which is up 9% for the week through September 15, is expected to see “bullish momentum.”
BTC price reversals are happening every day and every week.
Bitcoin price indicators support renewed optimism about the BTC price in the short term this week.
After a tough period of testing support levels, the 1-day BTC/USD chart is now reclaiming key levels as indicated by the Ichimoku Cloud and the Relative Strength Index (RSI).
The results were uploaded to X by popular Crypto trader Titan.
He confirmed with the Ichimoku chart that “BTC has regained its Tenkan, Kite status and has been pushed back above the Kumo Cloud.”
BTC/USDT 1-day chart with Ichimoku Cloud and RSI data. Source: Titan of Crypto/X
Ichimoku, a classic analysis tool that has shown signals accompanying Bitcoin’s bull market over the past 18 months, is also setting up a retest of resistance on the weekly timeframe.
According to data from Cointelegraph Markets Pro and TradingView, the same two Ichimoku trend lines are now likely to reappear.
BTC/USD 1-week chart with Ichimoku Cloud and RSI data. Source: TradingView
Titan of Crypto then noted that the daily RSI has recovered the all-important level of 50, which is also on track to be achieved on the weekly timeframe.
“At the same time, the RSI broke through its multi-month trend line,” he concluded.
“If confirmed, the bullish momentum could continue in the coming days.”
Bitcoin traders are expecting a week of U.S. rate cuts.
The current positive outlook for BTC price potential is centered around changes in macroeconomic trends.
relevant: Bitcoin Analyst: BTC Price Bottoms at $45,000, ‘Biggest Bull Cycle’ Expected
A prime example is the expected cut in interest rates by the U.S. Federal Reserve on September 18.
That figure is controversial, but the market has long estimated that there is a 100% chance that officials will cut interest rates to their highest level in 25 years.
Trading firm QCP Capital suggested preparing complementary scenarios for risky assets and cryptocurrencies in a recent circular sent to subscribers of its Telegram channel.
“Despite near-term uncertainty and potential downside, we still prefer to lock in yields ahead of rate cuts and prepare for a bullish scenario,” he summarized.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.