Bitcoin Price Surges 2% Amid Anticipation of Key US Economic Data

Bitcoin Price – Bullish Signals Emerge for Bitcoin as Traders Await Liquidity Influx

Bitcoin Price – On September 26, Bitcoin (BTC) made a notable rebound as market participants awaited crucial macroeconomic data from the United States. The cryptocurrency’s price exhibited bullish signals, confirming a 2% increase, bringing it to $64,342 after a dip to $62,700 was rescued by buyers.

Upward Momentum and Resistance Levels

Despite the recent gains, Bitcoin remains below a significant resistance level at $65,000, where a considerable amount of ask liquidity exists. However, signs indicate that upward momentum could persist. Popular trader Skew emphasized in his latest analysis on X that the systematic uptrend still holds.

Skew highlighted three critical factors present on the four-hour timeframe:

• The price is trending positively with exponential moving averages (EMAs).
• The relative strength index (RSI) is above 50, signaling bullish momentum.
• Spot buyers are actively bidding.

He concluded, “We will need to see strong spot flow heading into the end of the week to break upward through this resistance.”

BTC in the “$65,000 Waiting Room”

Another trader, Daan Crypto Trades, characterized the BTC/USD pair as being in a “$65,000 waiting room.” He mentioned, “Even if BTC ends up sweeping 65K and then rejecting, it would still make sense to test that level for liquidity purposes.” He cautioned that the longer Bitcoin trades below this resistance, the more likely it is to hold if it eventually breaks through.

A chart accompanying the analysis indicated that Bitcoin is reclaiming its 200-day moving average, a crucial trendline that has rarely interacted with the spot price since July.

Anticipation of Key Macro Events

As markets geared up to digest Q2 GDP data from the US, they were also looking forward to initial jobless claims, along with remarks from senior Federal Reserve officials, including Chair Jerome Powell. Powell’s dovish rhetoric had previously set the stage for potential financial policy easing through interest rate cuts, a trend now echoed by central banks globally.

As reported by Cointelegraph, traders view the resulting liquidity influx as beneficial for risk-asset price performance, including Bitcoin and altcoins.

“Key macro events to watch today include the US GDP reading and Fed Chair Powell’s comments,” stated trading firm QCP Capital to their Telegram channel subscribers. They emphasized, “The market will closely follow Powell’s speech for any shifts in sentiment after last Thursday’s FOMC press conference, which hinted at further easing.”

Bitcoin’s Potential Breakthrough

As Bitcoin attempts to navigate through key resistance levels, the market remains cautious yet optimistic, awaiting pivotal macroeconomic indicators that could shape the next moves for BTC and the broader cryptocurrency landscape. Investors and traders alike will be closely monitoring these developments, as Bitcoin’s ability to maintain its upward trajectory may depend significantly on external economic factors and sentiment shifts.

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