Bitcoin Price Analysis: With a Breakout Run in the 4-Hour Chart, the Surge in Demand Propels Bitcoin above $62K. Will This Uptrend Prolong for the Rest of the Month to Hit $70K?

A highly anticipated bull run in the crypto market begins with the chairman of the U.S. Federal Reserve, Jerome Powell, announcing a rate cut.

Bitcoin price showcases a breakout run in the 4-hour chart, where the surging demand propels BTC price above $62K. Will this uptrend continue for the rest of the month to hit $70K?

A highly anticipated bull run in the crypto market begins with the chairman of the U.S. Federal Reserve, Jerome Powell, announcing a rate cut. On September 18, Jerome Powell announced a 50-basis-point rate cut, fueling a bull run in Bitcoin. 

The rising bullish wave reached the global markets during the Asian market hours, boosting Nikkei, NIFTY, and other Asian indexes. As the sentiments improve, will Bitcoin’s price reach the $70K mark this month? 

Bitcoin Price Surges Past $62K In 4-Hour Chart Breakout

The Bitcoin price showcases a breakout rally as the price surpasses the $62,000 horizontal level. In the four-hour chart, the BTC price action forms an inverted head-and-shoulder pattern with a neckline near $61,451. 

The ongoing recovery run results in a bullish pattern breakout, increasing by 3.05% in the past 24 hours. The recovery run boosts the 7-day price jump to 7.21%. As it sustains dominance above the $62,000 mark, a golden crossover is witnessed in the four-hour chart between the 50- and 200-day EMMs. 

US Spot Bitcoin ETFs Outflows Resurface 

Despite the massive surge in Bitcoin and the rate cuts, the US Spot Bitcoin ETFs witnessed a minor dip. With a 52.7% outflow, the four consecutive days of inflows for Bitcoin ETFs came to an end. 

The Grayscale Minitrust is the only BTC ETF witnessing a positive inflow of $2.7 million, and ARK 21Shares (ARKB) records the biggest outflow of the day at $43.4M. 

Will Bitcoin Price Hit $70K?

Based on the price action levels and the bull run fueled by the golden crossover, the next resistance level for Bitcoin stands at $64,600 and $65,560. Optimistically, an uptrend continuation by the end of the month could aim for the $69,848 level. 

On the flip side, the support levels for Bitcoin at $60K and $57,681 are standing strong. Further, the dynamic average lines in a positive trend could absorb a minor surge in supply pressure.