Bitcoin (BTC) shaping up for big price move – BitRss – Crypto World News

Bitcoin (BTC) has been on the verge of blowing through the top of its bull flag on several occasions. However, the price was rejected every time. Will this time be different?

Bitcoin biggest benefactor from global liquidity

According to renowned analyst Lyn Alden, during any 12-month period, Bitcoin has the highest correlation with global liquidity than any other asset. With global liquidity on the rise, as world central banks start to cut interest rates, Bitcoin is very likely to be a big beneficiary.

Alden also sees Bitcoin as one of the best assets for growth over the next few years, and thinks that its market capitalization should eventually surpass that of gold.

First rate cut to be announced later today

Obviously, these are macro predictions, and they may take a while to come to fruition. Meanwhile, in the here and now, Bitcoin has been reacting to the upcoming first rate cut by the U.S. Federal Reserve since early 2020.

The $BTC price has been volatile recently, but this has generally been to the upside. The important horizontal resistance at $58,000 has been reclaimed, and is now support, and macro indicators are pointing to a continuation of this new uptrend.

$BTC battles $61,000 horizontal resistance

Source: TradingView

The short term time frame for $BTC shows that the price is still battling with the $61,000 resistance. In the last small correction, the price did fall below the ascending trend line, but has since managed to regain it.

If $BTC can overcome this resistance, and flip it into support, the next target would be to pass the extremely important $65,000 horizontal level, and make a higher high. If this can take place, the downtrend would be officially broken.

Macr…