After remaining flat over the weekend, Bitcoin is up by over 1% in the last 24 hours, crossing the $64k mark on Monday. It is currently trading at $63.6k, above an important resistance level, which it had been unable to breach in the last three weeks since August 26.
Outshining Bitcoin’s pace, Ethereum has gained over 2% on the intraday chart. On the weekly chart, Ethereum is up 14.17%—nearly double Bitcoin’s percentage gains for the same period. Bitcoin is up 7.4% week-on-week. Over the weekend, BTC prices stayed mostly stagnant with low volatility.
Among the top 20 coins by market cap, Near Protocol is the only token to gain more than Ethereum on the weekly chart. Trading at $4.82, NEAR is up nearly 7% in the last 24 hours and 20.4% over the last seven days.
Avax follows Ethereum. However, despite managing a 13.04% gain on the weekly chart, day traders should note that AVAX is barely in the green, adding just 0.10% to its value in the last 24 hours.
Is $70K Next for Bitcoin If The Bullish Momentum Continues?
Over the weekend, Bitcoin managed to hold above the $62k mark with minimal volatility. For nearly 48 hours, BTC prices remained range-bound between $62.5k and $63k.
The key point in terms of BTC price action is that it hovered around the resistance at $63k without facing sharp rejection. Last week, Bitcoin exhibited a similar pattern around $59k, where it had been encountering strong resistance.
On Monday morning, Bitcoin finally broke out, hitting a high of $64.56k. However, in the last four hours, it faced minor rejection, dropping to $63.5k. While the market continues to show bullish trends, supported by the 50-basis-point rate cut announced by the US Federal Reserve last week, a new Bitcoin all-time high (ATH) above $70k this week seems unlikely.
That said, BTC price action is stronger, and if Bitcoin reaches an intraday high above $65k, we could see a further spike. The question is, will this lead to profit-taking and a sell-off, or will it push BTC toward a new ATH?
Technically, Bitcoin is stronger than it has been in the last three weeks since August 26. However, the bullish momentum following the Fed rate cut last week has not yet led to a price correction, since after Bitcoin crossed the $60k mark on Thursday.
This week, a minor correction for Bitcoin is more likely. If BTC crosses the $65k mark and holds without dropping to $63k where it faced a stiff resistance, we could see it challenging the $70k levels. Any, drop in BTC price below the $62k mark – which it held over the weekend – could trigger a sharp downturn towards a $58.5k Bitcoin where it has some support.
Traders’ Watchlist – Key Events to Track This Week
This is the first week following the US Federal Reserve’s rate cuts. As such, any upcoming market and consumer data releases could impact both traditional markets and the BTC price. Some key events to watch out for this week are Federal Reserve Governor Michael Bowman’s Speech which is scheduled for 9:00 am on Tuesday. Also, consumer sentiment data for September is set to be released on Friday.
Further, with Donald Trump positioning himself as a pro-crypto candidate for the upcoming US presidential election, it will be important to monitor how his chances of winning are perceived by crypto-savvy Americans.
Currently, Donald Trump is trailing Vice President Kamala Harris by 5 points on Polymarket. He has not managed to close the gap since the first US presidential debate.
Interestingly, Kamala Harris, who has mostly remained silent on crypto, recently clarified her stance. In a recent statement, she expressed support for AI and cryptocurrency. Last month, Coinbase confirmed that Harris’s campaign was accepting crypto donations.
As the US presidential election is a major event, any improvement in Trump’s odds of winning could also positively impact the crypto market, potentially pushing Bitcoin prices higher.
