Bitcoin approached the $60,000 mark around the Wall Street open on August 29, buoyed by U.S. macroeconomic data that didn’t shake market stability significantly. Trading data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin reached local highs of $60,845 on Bitstamp, reflecting a 3% increase for the day. This performance aligned with U.S. jobless claims and GDP figures, which largely met expectations, although jobless claims were slightly higher than anticipated.
The economic data had minimal effect on market projections regarding upcoming financial policy shifts. Predictions from the CME Group’s FedWatch Tool suggested that the market is expecting a 0.25% interest rate cut from the Federal Reserve in September. In response to these expectations, the trading team at QCP Capital commented on their Telegram channel:
“We believe that any dip in equities (and crypto) will be short-lived,” adding, “With Powell and the Fed ready to kickstart a rate-cutting cycle, increased liquidity will eventually push risk assets higher. We are finally on the cusp of a rate-cutting cycle.”
Bitcoin’s price aimed to stabilize, providing some relief to investors hopeful for continued upward momentum. Monitoring by CoinGlass highlighted that, despite attempts to suppress price gains, liquidity remained tight on shorter timeframes. The question posed by trading resource Material Indicators on X was, “Will it hold?”
Supporting a positive outlook, trader and analyst Rekt Capital noted ongoing strength in Bitcoin’s market behavior:
“So far, so good,” he stated, observing that, “The retest continues to be successful as the week goes on. Bitcoin has also been forming Higher Lows since early July.”
Looking forward, the trading environment was described as “predatory” by trader Jelle, suggesting caution among investors. He advised:
“Environment remains predatory, which means your best bet remains to sit on your hands,” noting, “Above $62,000 — could turn into a stronger trending move again.” This caution reflects a market sensitive to liquidity and price movements, especially near critical thresholds.