Bitcoin’s price pushed towards $61,000 on Aug. 29, following the release of US macroeconomic data that caused minimal market disruption. The cryptocurrency gained 3% on the day, with local highs reaching $60,845 on Bitstamp.

The US jobless claims and GDP figures, which closely matched expectations, helped Bitcoin to recover from recent lows. The data did not significantly alter market expectations, with traders still betting on a potential 0.25% interest rate cut by the Federal Reserve in September.

BTC/USD 1-hour chart. Source: TradingView

QCP Capital, a trading team, suggested that any dip in both equities and cryptocurrencies would likely be short-lived. With the Fed seemingly ready to initiate a rate-cutting cycle, increased liquidity could push risk assets, including Bitcoin, higher. According to the firm, this shift in monetary policy would mark the beginning of a new phase for Bitcoin and other cryptocurrencies.

Fed target rate probabilities. Source: CME Group

On the technical front, BTC/USD showed signs of resilience, continuing a successful support retest on weekly timeframes. Popular analyst Rekt Capital noted Bitcoin’s formation of higher lows since early July, indicating continued upward momentum.

However, market analysts remain cautious. Trader Jelle emphasized the importance of reclaiming the $62,000 level, which could signal a more sustained bullish trend. Despite the optimism, he warned that the trading environment remains “predatory,” urging caution among investors.

Source: Jelle

As Bitcoin approaches these critical levels, the market remains focused on the potential for a stronger upward move, particularly if liquidity conditions improve. Key resistance at $65,000 will be closely watched in the days ahead, as the cryptocurrency seeks to regain its previous highs.