Bitcoin Traders Anticipate $62K as BTC Gains 3%

Bitcoin (BTC) is making a push to reclaim $60,000 as it nears the Wall Street open, with buyers actively looking to challenge the overhead liquidity. As of late August 29, BTC was on the verge of reaching $61,000.

BTC Price Shows Strength

According to data from trading resources, Bitcoin reached local highs of $60,845 on Bitstamp, reflecting a 3% increase for the day. This uptick occurred as U.S. jobless claims and GDP figures largely aligned with market expectations, causing minimal volatility.

Market Reaction to U.S. Economic Data

• Jobless claims narrowly missed forecasted levels.
• The numbers did not significantly alter market expectations regarding future financial policy changes.
• CME Group’s FedWatch Tool suggests ongoing speculation of a 0.25% interest rate cut by the Federal Reserve in September.

Trading team QCP Capital indicated that any dips in equities and cryptocurrencies are likely to be short-lived. They mentioned that increased liquidity would drive risk assets higher, signaling the onset of a potential rate-cutting cycle.

Liquidity Challenges for BTC

As BTC/USD aims for an upward trajectory, market resources indicate challenges in sustaining this momentum due to liquidity constraints. Monitoring service insights noted that immediate liquidity issues could impact upward price movement.

Analysts Weigh In on Market Dynamics

Popular trader Rekt Capital commented on an ongoing support retest on weekly charts, expressing confidence in the current price action. He noted the formation of Higher Lows since early July.

Looking Ahead to Key Levels

Fellow trader Jelle highlighted the importance of reclaiming $62,000, although liquidity has lessened in this range recently.

• Jelle suggests that the trading environment is currently predatory, advising caution.
• He mentioned that surpassing $62,000 could trigger a more substantial trending movement.
• Additionally, a higher low could evolve, with the potential of revisiting $65,000 if momentum remains strong.

This content is not intended as investment advice. All investment and trading activities involve risk, and individuals should conduct thorough research before making decisions.