Bitcoin (BTC) reclaimed the $60,000 level on Sept. 13, indicating a solid comeback by the bulls. Bitcoin’s rally of about 10% this week has helped buyers turn around September’s returns to positive.
Next week, investors will focus on the FOMC meeting scheduled for Sept. 18. CME Group’s FedWatch Tool shows a 50% probability of a 50-basis point rate cut. However, if the Federal Reserve delivers a 25-basis point rate cut, the cryptocurrency markets may witness a knee-jerk reaction to the downside.
Crypto market data daily view. Source: Coin360
Bitcoin’s short-term uncertain price action has not deterred the long-term bulls from buying. Business intelligence and software company MicroStrategy announced that it had acquired 18,300 Bitcoin between Aug. 6 and Sept. 12 at an average price of $60,408 per Bitcoin, including expenses and fees. That increases the firm’s holdings to 244,800 Bitcoin, purchased at an average price of $38,585.
Could Bitcoin maintain above $60,000, attracting further buying? Will altcoins follow Bitcoin higher? Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin closed above the 50-day simple moving average ($59,693) on Sept. 13, indicating that the markets had rejected the breakdown below $55,724.
BTC/USDT daily chart. Source: TradingView
The 20-day exponential moving average ($58,461) has started to turn up, and the relative strength index (RSI) is in the positive zone, indicating that the bulls have the upper hand. If the price takes support at the moving averages, the BTC/USDT pair is likely to rally to $65,000 and then to $70,000.
This optimistic view will be negated if the price turns down sharply and breaks below the 20-day EMA. The pair could then tumble to $55,724. Repeated retests of a support level tend to weaken it, opening the doors for a fall to $52,500.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the bears are trying to stall the recovery near $61,200. If the price turns down and breaks below the 20-EMA, it will suggest that the bulls have given up. That may pull the price down to the 50-SMA and…
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