Bitcoin Bulls Set Sights on 64K BTC Milestone as US Stocks Aim for New Highs

Bitcoin (
BTC
) attacked $63,000 at the Sept. 19 Wall Street open as BTC price gains followed stocks.


BTC/USD 1-hour chart. Source: TradingView
BTC price strength starts to match booming stocks
Data from
Cointelegraph Markets Pro
and
TradingView
showed new three-week highs near $63,500 on Bitstamp.
Excitement over long-term United States financial policy easing continued after the Federal Reserve
delivered an outsized 0.5% interest rate cut
the day prior.
Equities and gold both headed higher, the S&P 500 nearing new all-time highs, while BTC/USD finally began to make progress toward key resistance closer to its own record peak from March.
“The US 2Y/10Y treasury spread, an indicator of recession, has been inverted since July 2022 but has recently steepened to +8bps, reflecting market optimism and a shift towards risk-on assets,” trading firm QCP Capital wrote in its latest bulletin to Telegram channel subscribers.
QCP noted that the Fed planned further cuts, two of which should be made before the end of the year.
“The S&P 500 and Nasdaq are now up over 20% this year alone,” trading resource The Kobeissi Letter
continued
in part of the day’s X coverage.


S&P 500 vs. BTC/USD 1-day chart. Source: TradingView
Bitcoin traders were unsurprisingly optimistic as a result.
Popular trader and social media commentator Byzantine General
described
spot markets as “strong,” while crypto trader, analyst and entrepreneur Michaël van de Poppe said that BTC/USD was “doing great.”
“I assume we’ll consolidate before we continue to go up, but essentially, since Powell has been speaking, markets are going up. Nothing more. Just plenty of room to buy the dips,” van de Poppe
told
X followers.


BTC/USDT 4-hour chart. Source: Michaël van de Poppe/X
The latest data from monitoring resource CoinGlass showed resistance thickening overhead just below $64,000 — itself a popular
post-Fed BTC price target
.


BTC liquidation heatmap (screenshot). Source: CoinGlass
Institutions “no longer aggressively shorting Bitcoin”
Amid mixed flows for the US spot Bitcoin exchange-traded funds (ETFs) over the week, new data revealed a shift in stance among institutions.
Related:
Can Bitcoin price overcome the $60K ‘double breakout’ zone?
Data uploaded to X by Ki Young Ju, founder of onchain analytics platform CryptoQuant, showed a dramatic slowdown in the extent of institutional BTC shorting.
“Institutions are no longer aggressively shorting Bitcoin,” he
commented
alongside a chart of CME Group Bitcoin futures net positioning.


CME Bitcoin futures net position (USD). Source: Ki Young Ju/X
Meanwhile, the US spot ETFs saw net negative inflows for Sept. 18, United Kingdom-based investment firm
Farside Investors
confirmed, contrasting with the previous day’s $187 million positive tally.


US spot Bitcoin ETF flows (screenshot). Source: Farside Investors
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.