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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/19/2024

Bitcoin Follows Stocks Higher as BTC Price Jumps 2.5% to Hit $61K

Bitcoin searched for new weekly highs on August 20 as a push past $61,000 sparked hopes of a sustained BTC price recovery. Macro Sentiment Could Give Bitcoin a Boost Data from Cointelegraph Markets Pro and TradingView showed a local high of $61,424 on Bitstamp, with Bitcoin up 2.4% on the day. Bitcoin had put meaningful distance between itself and its weekly open, and commentators were upbeat as they assessed the broader macro picture. In its latest market update sent to Telegram channel subscriber

Bitcoin Follows Stocks Higher as BTC Price Jumps 2.5% to Hit $61K

Bitcoin searched for new weekly highs on August 20 as a push past $61,000 sparked hopes of a sustained BTC price recovery.

Macro Sentiment Could Give Bitcoin a Boost

Data from Cointelegraph Markets Pro and TradingView showed a local high of $61,424 on Bitstamp, with Bitcoin up 2.4% on the day.

Bitcoin had put meaningful distance between itself and its weekly open, and commentators were upbeat as they assessed the broader macro picture.

In its latest market update sent to Telegram channel subscribers, trading firm QCP Capital noted "re-leveraging" among equity traders as a driver of the stock market rally.

"Corporate buybacks have risen to $1.15 trillion this year. Goldman Sachs' trading desk saw record client demand during the dips," the update noted.

Previously, Cointelegraph had flagged the lack of correlation between crypto and equities, while gold hit fresh all-time highs the week prior.

"Risk-on sentiment could spill over into crypto and gold, pushing BTC higher as demand for calls picks up sharply," QCP said.

Signals around U.S. monetary policy easing are expected to come from the Federal Reserve at the Jackson Hole symposium later this week.

Viral comparisons circulating on social media showed the S&P 500 in particular tends to rally following Jackson Hole events.

BTC Price Range Still Holding

Zooming in on Bitcoin, caution remained the prevailing mood. Price was still trapped inside a descending range, unable to break out toward the key resistance zone near $70,000.

"Bitcoin pierced $59.5k last night, swept liquidity above the weekend highs, and tapped the upper trendline," popular trader Mark Cullen summarized alongside a chart highlighting the range structure.

"Can $BTC hold $60K here and run toward liquidity above the early-August highs in the $60K to mid-$60K area?"

Trader and analyst Rekt Capital had been tracking price action that mirrored the pattern seen since the March all-time high.

"History repeating," he wrote of the range structure.

"Bitcoin is now attempting to confirm the channel bottom as reclaimed support. A weekly close above the channel bottom would be a bullish sign."

Analyst Credible Crypto Watching for Consolidation to Hold

Meanwhile, Credible Crypto was among those expecting the sideways price action to hold in the near term.

"Still expecting the green zone to hold if we get there, but this range may need more time to play out," read his latest post on X, accompanied by a chart showing support at $56,000.