Bitcoin (BTC) enters the last week of September with renewed momentum, surging to a one-month high of $64,700 after a strong weekly close. The next key resistance to watch is $65,000, with optimism growing among traders.
The weekly Relative Strength Index (RSI) suggests a potential breakout, which historically signals strong bull market activity. Analysts predict BTC could hit $85,000 based on this trend, with some expecting bullish momentum to continue into 2025.
This optimism follows the U.S. Federal Reserve’s surprise 0.5% interest rate cut, boosting risk assets like Bitcoin. As markets digest the rate cut, further economic data this week—including jobless claims and GDP—could add volatility to the market.
Despite the positive price action, the Crypto Fear & Greed Index remains in “neutral” territory, indicating caution among investors. Analysts warn that social media’s overly bullish sentiment could signal the potential for short-term corrections.
In summary, BTC is showing strong signs of a breakout, but traders should remain cautious of market sentiment and economic factors that could influence price action in the coming days.
