Bitcoin (BTC) attacked $63,000 at the Sept. 19 Wall Street open as BTC price gains followed stocks.
BTC/USD 1-hour chart. Source: TradingView
BTC price strength starts to match booming stocks
Data from Cointelegraph Markets Pro and TradingView showed new three-week highs near $63,500 on Bitstamp.
Excitement over long-term United States financial policy easing continued after the Federal Reserve delivered an outsized 0.5% interest rate cut the day prior.
Equities and gold both headed higher, the S&P 500 nearing new all-time highs, while BTC/USD finally began to make progress toward key resistance closer to its own record peak from March.
“The US 2Y/10Y treasury spread, an indicator of recession, has been inverted since July 2022 but has recently steepened to +8bps, reflecting market optimism and a shift towards risk-on assets,” trading firm QCP Capital wrote in its latest bulletin to Telegram channel subscribers.
QCP noted that the Fed planned further cuts, two of which should be made before the end of the year.
“The S&P 500 and Nasdaq are now up over 20% this year alone,” trading resource The Kobeissi Letter continued in part of the day’s X coverage.
“Since September 6th, the S&P 500 has added $3 TRILLION in market cap. Truly remarkable.”
S&P 500 vs. BTC/USD 1-day chart. Source: TradingView
Bitcoin traders were unsurprisingly optimistic as a result.
Popular trader and social media commentator Byzantine General described spot markets as “strong,” while crypto trader, analyst and entrepreneur Michaël van de Poppe said that BTC/USD was “doing great.”
“I assume we’ll consolidate before we continue to go up, but essentially, since Powell has been speaking, markets are going up. Nothing more. Just plenty of room to buy the dips,” van de Poppe told X followers.
BTC/USDT 4-hour chart. Source: Michaël van de Poppe/X
The latest data from monitoring resource CoinGlass showed resistance thickening overhead just below $64,000 — itself a popular post-Fed BTC price target.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Institutions “no longer aggressively shorting Bitcoin”
Amid mixed flows for the…
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