Bitcoin followed stocks as BTC price gained 2.5% to attack $61K.
Bitcoin in 2010 A push above $61,000, which sought weekly highs on August 20, brought hopes of a BTC price rebound.
Macro sentiment may give Bitcoin a new “push”.
Data from Cointelegraph Markets Pro and TradingView showed a domestic high of $61,424 on Bitstamp, with Bitcoin (BTC) up 2.4% on the day.
Bitcoin showed a clear contrast to its weekly open overnight, and analysts were optimistic when analyzing the broader macro picture.
In a recent market announcement sent to Telegram channel subscribers, trading firm QCP Capital noted that it encourages “recycling” among stock traders as part of an equity rally.
“This year, corporate stock buybacks soared to $1.15 trillion. Goldman Sachs' trading division has seen clients' demand for dips,” he reported.
Earlier, Cointelegraph pointed to a disconnect between crypto and equities, with gold hitting an all-time high last week.
“Sentiment at risk may extend to crypto and gold, BTC high demand for high calls,” QCP suggested.
More hints on the easing of US financial policy are to come courtesy of the Federal Reserve at the weekend's annual Jackson Hole Symposium.
A comparison circulating on social media shows that the S&P 500 tends to rally especially after the Jackson Hole events.
BTC dominates the price range.
Turning to Bitcoin, an air of caution prevails. The price still failed to come down to the downside around $70,000.
Related: 3 Reasons Why Bitcoin Won't Be ‘Boring' in September
“Bitcoin was squeezed at the 59.5k level overnight, taking the liquid above the weekend's highs and hitting the upper trendline,” noted trader Mark Cullen summarized with a chart showing the various segments.
“$BTC now holds 60K and could it run to get liquid from the early August highs in the low to mid 60Ks?”
Trader and analyst Rect Capital has seen an ongoing copycat move in price since March's record high.
“History repeats itself,” he wrote about the region.
“Bitcoin is now trying to confirm the recovery of the channel bottom as support. It will be difficult for the weekly candle to close above the bottom of the channel.”
Credible Crypto was among those watching for a sideways price action in the short term.
“If we get this, expect the green zone to still hold, but this range may take a while to play out at the same time,” read a chart of the latest X Content section showing support at $56,000.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
