Bitcoin

Reserve

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The price of Bitcoin soared back above the make-it-or-break-it $60,000 level earlier this Friday,&nbsp;<a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AETHUSDT" rel="noopener noreferrer nofollow">peaking</a> at $60,018 on the Bitstamp exchange. <img data-entity-type="file" data-entity-uuid="8ca68254-22cf-4eaf-b2ab-0f73e930e1e7" src="https://u.today/sites/default/files/inline-images/234242134213.png">BTC/USD Image by TradingView 
The current month has now turned green with a modest 1.48% gain. This is despite the fact that September is Bitcoin's worst-performing month, with only three years in the green since 2013. In 2023, for instance, the flagship cryptocurrency lost as much as 11.29% during September.&nbsp;
If bulls continue to hold their ground, this could end up bucking the persistent trend.&nbsp;
Bitcoin's recent price spike was likely driven by new developments on the macro front. Market participants are now speculating about the U.S. Federal Reserve implementing a 50-basis point interest rate cut. This came after former New York Federal Reserve President Bill Dudley voiced support for such a move. According to betting site Poymarket, there is currently a 36% chance of the Fed opting for the higher-than-expected rate cut.&nbsp;
Earlier today, MicroStrategy co-founder Michael Saylor also&nbsp;<a href="https://u.today/microstrategy-buys-additional-18300-bitcoin-btc" rel="noopener noreferrer nofollow">announced</a> the acquisition of $1.1 billion worth of Bitcoin. However, the massive purchase, which once again underscored the billionaire's conviction, did not affect the price action in a substantial way.&nbsp;
The largest cryptocurrency has now approached a crucial resistance zone. According to pseudonymous trader Ali, the price of Bitcoin could potentially surge to $64,000 if bulls manage to maintain their momentum.&nbsp;
Christopher Burniske, partner at VC firm Placeholder, has opined that&nbsp;<a href="https://u.today/bitcoin-decouples-for-gold-key-reason-why" rel="noopener noreferrer nofollow">Bitcoin</a> is now "getting its mojo back" in a recent social media post.

Bulls Back in Driver's Seat as BTC Reclaims $60K

U_Today

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