Key Takeaways
- Bitcoin hit a 2-month high of $65,521 on September 26.
- Analysts warn of potential retracement to the $57,000–$58,000 range.
- Economic optimism in the U.S. and China's stimulus measures supported Bitcoin's rise.
Bitcoin reached $65,521 on September 26, its highest level in nearly two months, driven by economic developments in both the U.S. and China.
U.S. Treasury Secretary Janet Yellen’s comments on a potential “soft landing” for inflation sparked optimism, and China’s announcement of fiscal stimulus further fueled risk asset gains.
The S&P 500 also reached a new intraday record high as Bitcoin continued to benefit from broader market trends.
Analysts cautin
However, analysts caution that Bitcoin’s rally may face a correction.
Popular trader Skew highlighted significant liquidity gaps, suggesting a possible retracement to $61,000–$62,000 before further gains.
Meanwhile, WhalePanda noted that Bitcoin’s position above $65,000 is significant but advised caution due to an upcoming quarterly options and futures expiry on September 27:
Anything happening in the next 24 hours is just noise.
Market commentator Justin Bennett also warned of a potential return below $60,000, suggesting that a dip to the $57,000–$58,000 range could precede a push toward $68,000–$70,000.
For now, Bitcoin’s price strength remains under close watch as the market reacts to both global economic news and technical indicators.
