Bitcoin (BTC) reached a fresh two-month high on Sept. 27, climbing as high as $66,194 on Bitstamp, buoyed by China’s economic stimulus measures that sent its stocks soaring.
Data from Cointelegraph Markets Pro and TradingView confirmed that BTC price momentum pushed the cryptocurrency up 3% for the week. The stimulus measures implemented in China led to significant gains for the Shanghai Composite Index, marking its best week since 2008.
“This feels frighteningly familiar,” remarked trading resource The Kobeissi Letter in a post on X. This surge followed the S&P 500 achieving repeated new all-time highs after the Federal Reserve announced a 50-basis-point interest rate cut on Sept. 18.
The day’s key US economic release, the August print of the Personal Consumption Expenditures (PCE) Index, aligned broadly with expectations. “The next Fed meeting is in November, and markets want another 50 basis point cut,” Kobeissi added, discussing future monetary policy.
While Kobeissi argued that a 50 basis point cut in September was unnecessary, data from CME Group’s FedWatch Tool highlighted market expectations for further cuts.
In response to the PCE results, popular Bitcoin and crypto trader Skew described them as “pretty good” for market performance. “Keeping an eye on yields & $ into week close,” he informed his followers on X.
Meanwhile, Bitcoin maintained key support levels after a slight pullback from its recent highs. “Price is grinding up against ask liquidity once again with some passive selling into price around $65.8K,” Skew noted in a subsequent post about trading activity on Binance.
He also observed that bid liquidity was shifting toward $63,000 from lower levels. “We can see some of that taking place here with takers taking ask liquidity from $65K & more passive buyer flow coming into the market,” he concluded.
