Bitcoin (BTC) rallied toward the key $60,000 level on Sept. 13, following positive US macroeconomic data. The cryptocurrency hit a 10-day high, continuing its recovery that began before the weekly open. Data from TradingView revealed that BTC experienced a steady climb, driven by growing market confidence that the Federal Reserve might announce an interest rate cut at its upcoming meeting.
Gold Hits Record High in USD
While Bitcoin surged, gold also saw a historic rise, reaching a new all-time high of $2,585 per ounce in US dollars. This parallel growth highlights the current market demand for safe-haven assets amid broader economic uncertainty. Both gold and Bitcoin benefited from increased investor activity, with market participants expecting a shift in US monetary policy.
BTC/USD 4-hour chart. Source: TradingView
Traders Predict Further Upside for Bitcoin
Prominent traders, including analyst Rekt Capital, have pointed to key technical indicators suggesting further bullish momentum for Bitcoin. According to Rekt Capital, BTC has rebounded from a crucial support level and is likely to close above $58,150, setting the stage for continued gains.
XAU/USD 4-hour chart. Source: TradingView
Fellow trader CrypNuevo expressed optimism, stating that Bitcoin’s steady uptrend is progressing as expected, with targets at $58.8k and $59.5k. Another trader, Crypto Vikings, predicted a “massive breakout” if BTC reclaims the 200-period exponential moving average on 4-hour charts.
Rate Cut Speculation Fuels Market Optimism
In addition to Bitcoin’s price surge, the broader financial market has been buoyed by expectations of a Federal Reserve rate cut. According to the CME Group’s FedWatch Tool, market participants currently favor a 0.25% rate cut on Sept. 18, although earlier in the week there had been speculation of a larger 0.5% cut. This potential policy easing has driven risk-asset sentiment, as reflected by the S&P 500, which has added nearly $2 trillion in value over the past week.
BTC/USD monthly returns (screenshot). Source: CoinGlass
As Bitcoin eyes $60,000, its performance mirrors growing market enthusiasm and renewed confidence in the digital asset’s resilience in uncertain economic conditions.
