Market Direction

Bitcoin (BTC) price prediction today: BTC rejects $61K, can it break $63K?

Published: Sep 16, 2024

Therefore, we think BTC can hold the grey box (between $56,500 and $58,200) between now and Wednesday's FED Decision and Press Conference. Then, following Powell's Press Conference, which we're expecting to be dovish, we think BTC and Crypto might then move higher and potentially break out of the downtrend and retest $63,400.

Price has moved from the low $50k's to the local high of $60k, mostly driven by Spot buying and Shorts being squeezed.
Funding Rates are close to flat/neutral here now.
Open Interest has remained relatively flat and range-bound over the last few days.

Technical analysis:

BTC bounced perfectly from the horizontal support at $52,800, and was driven up to $60k as over confident Shorts were squeezed.
Price has now rejected just shy of $61k.
Price is in a local uptrend and has now pulled back slightly to retest the potential support box between $56,500 and $58,200.
Having moved higher, price was close to testing the downtrend line (red line). A breakout of the downtrend would likely see BTC retest $63,400.
The next major horizontal resistance above price is at $63,400. We don't expect BTC to reclaim above this level in the short-term.

Bitcoin daily price chart showing resistance at $63K, support around $52K, RSI at 45, and downtrend continuation.

Cryptonary's take

Bitcoin has seen a nice relief rally over the past 10 days, however, price has put in lower highs and lower lows on a macro structure whilst volumes in the short-term have downtrended. The key event this week is the FED and the Press Conference. Currently, the market is just about pricing for the FED to do a 50bps Interest Rate cut, which we think the markets will actually like.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

What is Bitcoin: Bitcoin (BTC) is the pioneering cryptocurrency introduced by the enigmatic Satoshi Nakamoto in 2008. It operates on a revolutionary decentralized ledger known as the blockchain and is widely regarded as digital gold due to its finite supply and secure, transparent nature. As the first and most recognized cryptocurrency, Bitcoin remains a cornerstone of the digital asset world. Bitcoin's all-time high (ATH) is $75,757. How to Buy:

Via Centralized Exchange (CEX):
1. Choose a CEX like Binance, Coinbase, or Kraken.
2. Create and verify your account.
3. Deposit fiat or other cryptocurrencies.
4. Navigate to the BTC trading section and complete your purchase.