Bitcoin price 2-month highs on 'soft landing' may precede sub-$60K dip
2024-09-26

Bitcoin BTCUSD tapped $65,000 after the Sept. 26 Wall Street open as United States macro events fueled risk asset gains.
Bitcoin heads higher as China adds to risk-asset fervor
Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum delivering $65,521 on Bitstamp — its highest in nearly two months.
Continued upside came as US Treasury Secretary Janet Yellen boosted hopes that the Federal Reserve would achieve a “soft landing” on inflation.
Speaking to CNBC, Yellen painted an optimistic picture of the US economy, one which Fed Chair Jerome Powell avoided in prepared remarks at the 2024 US Treasury Market Conference at the New York Fed.
“As I noted when I spoke at this event in 2015, our nation’s entire financial framework has been built around the ability to quickly and efficiently transform Treasury securities into cash liquidity,” he said. 
Elsewhere, US Q2 GDP data came in line with expectations at 3.0%, while jobless claims fell slightly below anticipated levels.
The S&P 500 set a new intraday record high on the day, continuing a rally that gathered pace after Powell announced the first interest rate cuts in four years on Sept. 18.
Commenting, trading resource The Kobeissi Letter pinned the reason for the latest gains on China, which itself announced various fiscal stimulus moves this week.
“This is only the beginning,” it wrote in part of a dedicated thread on X, describing China as “panicking.”
BTC retracement targets include $57,000
Bitcoin market participants meanwhile saw the need for consolidation around the latest highs before fresh upside.
“$65K ask liquidity taken. Next ask liquidity is $66K. Bid liquidity around $62K - $61K,” popular trader Skew confirmed to X followers.
The latest data from monitoring resource CoinGlass showed liquidity massing on either side of the spot price once more across exchange order books.
A cautious WhalePanda said that more time was needed to be convinced of BTC price strength, noting a major options expiry due on Sept. 27.
“Bitcoin being above $65k ruins a lot of the ‘lower highs forever’ crowd,” he wrote on X, referring to recent price behavior.

Commentator Justin Bennett nonetheless went further, warning that a return below $60,000 was still possible.
“This isn’t confirmed yet, but the conditions favor sweeping the $BTC $57-$58k longs before targeting the $68-$70k liquidity,” he commented alongside the daily chart. 
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.