Bitcoin Pushes Above $60,000, Targeting $70,000 as Fed Minutes Hint at Rate Cuts

Traders are excited about a breakout towards $70,000. The minutes from the Federal Reserve's recent meeting suggested rate cuts are likely.

Bitcoin price showed a short-term bullish trend, despite the broader bearishness on longer timeframes. This bullishness could be a temporary relief in the overall bearish environment. However, a new bearish divergence has just been confirmed on the 2-hour chart. This divergence hints at a potential short-term pullback or sideways movement in the coming days.

Bitcoin has strong support between $56,000 and $57,000, with additional support around $51,000 to $53,000. These levels are crucial for maintaining the current price range. On the other hand, resistance levels are between $67,000 and $68.3k, which could pose challenges for further upward movement.

While the DXY isn’t a perfect predictor, its current downturn suggests that we might see more bullish momentum for Bitcoin soon. Finally, looking at the Bitcoin liquidation heat map, there’s still some liquidity to be taken out around the $61,000-$62,000 range. We might see the price move towards these levels in the next few days, especially after the short-term bearish divergence plays out.

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