Bitcoin hits $66K as bullish momentum builds

Bitcoin (CRYPTO:BTC) surged to a two-month high on September 27, hitting $66,194 on Bitstamp.

This increase aligns with a broader rally in global markets, including Chinese stocks, which saw their best week since 2008 after economic stimulus measures.

Bitcoin’s price gain reflects these macroeconomic developments, with a 3% increase week-to-date.

According to analysts, Bitcoin's recent moves feel "frighteningly familiar" as the Federal Reserve's recent interest rate cuts have boosted optimism in financial markets.

The Kobeissi Letter noted that markets are anticipating another 50 basis-point rate cut in November, although some experts question its necessity.

Trader Skew commented on X that the Personal Consumption Expenditures (PCE) Index results were "pretty good" for the market.

He also pointed out that Bitcoin is holding key support levels around $65,000, with liquidity shifting toward $63,000, indicating strong buying interest as Bitcoin continues to attract passive buyer flows.

Filbfilb, co-founder of DecenTrader, observed a “familiar bullish smell” in Bitcoin’s recent performance, noting that the long-to-short ratio of BTC positions is very low, a pattern that often precedes upward price movement.

He stated, "At present, we are technically lacking a higher high that would drive a wedge into those asks, where we see if the FOMO can kick in."

With strong indicators showing support, analysts remain optimistic about Bitcoin's potential for further price action.

Market observers are keeping an eye on upcoming Federal Reserve decisions and macroeconomic trends that may influence Bitcoin's trajectory in the weeks ahead.

At press time, the Bitcoin price was $66,071.52.