Bitcoin rallied towards key resistance levels on September 26 as the market awaited new US macro data.
BTC/USD 1-hour chart. Source: TradingView
BTC price bullish signal lineup
Bitcoin (BTC) price rose 2% a day after bulls fell to $62,700, according to data from Cointelegraph Markets Pro and TradingView.
Nonetheless, BTC/USD has shown signs that its upward momentum may continue, although it is stuck below the $65,000 liquidity call wall.
“The systematic upward trend is still in place,” popular trader Skew summarized in some of his latest content on X.
Skew singled out three essentials that currently exist on a four-hour time frame: price trend using the exponential moving average (EMA), the relative strength index (RSI) measuring above 50, and spot buyer bids.
“We will likely need to see strong spot flows through the weekend to resolve the rise,” he concluded.
BTC/USDT 4-hour chart. Source: Skew
Opinions were mixed about the market’s ability to break resistance, but the long-term outlook remained positive.
Fellow trader Daan Crypto Trades explained that BTC/USD is in the “$65,000 waiting room.”
“Even if BTC eventually wipes 65K and rejects it, that wouldn’t be good. It would still make sense to wipe the level, at least for liquidity purposes,” he said.
“But the longer we trade below that, the more likely we are to hold onto it if it breaks down.”
The attached chart shows Bitcoin’s progress back to its 200-day moving average, a trend line that has had little interaction with spot prices since July.
BTC/USD 1-day chart. Source: Daan Crypto Trades
Bitcoin is facing a new “major macro event.”
Markets were ready to digest early jobless claims, along with U.S. second-quarter GDP data and speeches from top Federal Reserve officials, including Chairman Jerome Powell.
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Powell’s dovish tone has previously set the tone for easing U.S. financial policy in the form of interest rate cuts, and is now being replicated by central banks around the world.
As Cointelegraph reported, traders are viewing the liquidity influx as highly cathartic for the price performance of risky assets, including Bitcoin and altcoins.
Trading company QCP Capital told its Telegram channel subscribers on this day, “Major macro events to pay attention to today include the U.S. GDP figures and Federal Reserve Chairman Powell’s remarks.”
“Markets will be closely following Chairman Powell’s speech for a change in sentiment following last Thursday’s FOMC press conference, where he hinted at the possibility of further easing.”
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