BTC -0.86%
$62,537.82
ETH -1.44%
$2,435.22
SOL -1.97%
$144.28
PEPE -6.28%
$0.0000096
SHIB -2.65%
$0.000017
BNB 0.32%
$574.00
DOGE -3.46%
$0.10
XRP -1.30%
$0.53
Best Crypto Poker
Online

Bitcoin Reclaims $60K as Bulls Take Control – Is This the Start of a Major Rally?

Bitcoin Cryptocurrency
Last updated:
Crypto Writer
Crypto Writer
Arslan Butt
About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

Last updated:
Why Trust Cryptonews
With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Bitcoin price has once again breached the $60,000 mark, sparking renewed optimism among investors. MicroStrategy’s latest Bitcoin purchase and expectations of a Federal Reserve rate cut are fueling the rally. Meanwhile, JPMorgan’s evolving stance on Bitcoin signals broader institutional interest.

Despite cautionary warnings from BlackRock, bullish momentum continues to dominate the market, leaving traders speculating on whether this is the start of a sustained upward trend.

MicroStrategy Acquires 18,300 Bitcoin, Now Holding $14.14 Billion in BTC

In August and September 2024, MicroStrategy acquired 18,300 additional Bitcoin for around $1.11 billion. This brings the company’s total Bitcoin holdings to approximately 244,800 BTC, valued at $14.14 billion. The average price paid per Bitcoin since they began purchasing in 2020 is $38,585.

To finance this recent purchase, MicroStrategy raised $1.11 billion by selling over 8 million shares. Despite varied analyst opinions, the company continues to aggressively invest in Bitcoin under CEO Michael Saylor’s leadership.

Key points:

  • 244,800 BTC owned by MicroStrategy
  • Total value: $14.14 billion
  • $1.11 billion raised through share sales

This significant investment by a major institution like MicroStrategy reinforces confidence in Bitcoin’s long-term growth potential.

Bitcoin Surges to $60K Amid Fed Rate Cut Expectations, BlackRock Urges Caution

On Friday, Bitcoin surged to nearly $60,000, marking its highest level since early September. This 2.5% increase was driven by investor optimism that the Federal Reserve may soon lower interest rates, boosting the appeal of riskier assets like cryptocurrencies.

With inflation cooling, there is growing support for easing economic pressures through rate cuts.

While a significant 50-basis-point rate cut remains unlikely, some experts say it can’t be ruled out. However, BlackRock has cautioned that persistent inflation and market volatility could delay the Fed’s decision to reduce rates.

Key points:

  • Bitcoin rises 2.5% to $60,000
  • Fed rate cuts anticipated by investors
  • BlackRock advises caution due to ongoing inflation

A potential rate reduction could drive greater demand for cryptocurrencies, pushing prices higher.

JPMorgan CEO Jamie Dimon’s Shift on Bitcoin: From Critic to Investor

Jamie Dimon, CEO of JPMorgan, once famously declared he would “fire in a second” any employee trading Bitcoin when it was priced around $4,000.

However, despite his critical stance, JPMorgan now holds shares in the Grayscale Bitcoin Trust valued at $42,000 and recently sold its position in the iShares Bitcoin Trust, another Bitcoin ETF.

Dimon, a longtime skeptic, even likened Bitcoin to the infamous Dutch tulip bubble of the 1600s, labeling it “fraud” seven years ago.

However, as institutional adoption of Bitcoin grew, the cryptocurrency’s value soared, and JPMorgan’s involvement in Bitcoin ETFs signals a gradual shift in his stance.

Key points:

  • JPMorgan owns Grayscale Bitcoin Trust shares worth $42,000.
  • Dimon previously vowed to fire employees trading Bitcoin at $4,000.
  • Institutional adoption has fueled Bitcoin’s price growth.

Dimon’s evolving position, coupled with JPMorgan’s investments, signals broader institutional acceptance, likely driving Bitcoin’s value upward.

Technical Analysis: Will Bitcoin Break Key Resistance at $58,500?

Bitcoin is currently encountering a significant resistance level around the psychological barrier of $60,000. The presence of a thin candle followed by a doji candle near this resistance suggests indecision in the market. A subsequent solid upward candle indicates potential bearish correction pressure.

If Bitcoin fails to break above $60,000, a further decline towards $58,800 is possible, with additional support near $58,250.

Bitcoin Price Chart – Source: Tradingview

For those considering long positions, buying between $58,000 and $58,250 might present opportunities. However, if Bitcoin remains below $60,000, selling could be favorable.

A decisive breakout above $60,000 would shift market sentiment, opening the door for new price action and potential bullish momentum.

Bitcoin Adoption Grows as Crypto All-Stars Nears $1M in Presale

Bitcoin’s growing adoption continues to fuel interest in innovative platforms like Crypto All-Stars, which is nearing the $1.2M mark in its presale.

With only one day left, the platform has raised $1,245,300 out of a $1,485,103 target. The current rate stands at 1 $STARS = $0.0014419, offering investors a limited-time opportunity before the price increases.

Crypto All-Stars merges Bitcoin’s market influence with meme coin staking, providing unique options for both Bitcoin and meme coin holders.

Since its launch, the platform has rapidly gained traction, raising $730,000 within its first week. Investors looking to diversify can purchase $STARS using ETH, USDT, BNB, or even a card.

Visit the Crypto All-Stars website to join the presale before it ends. Stay updated via X (Twitter) and Telegram for future developments.

  • Presale Raised: $1.24M out of $1.48M target
  • 1 $STARS = $0.0014419
  • Time Remaining: 1 day before the price increase

Buy Crypto All-Stars Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

More Articles

Altcoin News
UN Calls on Southeast Asia to Crack Down on Unlicensed Crypto Exchanges
Ruholamin Haqshanas
Ruholamin Haqshanas
2024-10-08 11:44:19
Ethereum News
Boerse Stuttgart-Backed Trading App Bison Launches Insured Ethereum Staking
Veronika Rinecker
Veronika Rinecker
2024-10-08 11:41:51