BTC/USD Forex Signal: Bitcoin Braces For More Upside Ahead Of Fed BTC/USD technical analysis

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 Bitcoin continued to consolidate around the $60,000 level as traders waited for the upcoming Federal Reserve interest rate decision. The BTC/USD pair was trading at 59,700 on Monday morning, much higher than this month’s low of 52,510.Bitcoin’s price action happened as investors focused on the ongoing easing of monetary policy by global central bank. The European Central Bank (ECB) slashed interest rates for the second time last week. Analysts expect more central banks to cut rates this week. The Federal Reserve is expected to deliver its first interest rate cut since 2020 on Wednesday. This explains why US government bonds have jumped, pushing their yields to their lowest levels in months.Gold also jumped to a record high while American stock indices like the Russell 2000, Dow Jones, and the Nasdaq 100 are nearing their highest levels on record. Historically, risky assets like Bitcoin do well when central banks have a dovish tone.The other catalyst for Bitcoin is that the amount of coins in exchanges has continued to fall in the past few months. It now stands at the lowest level in years, meaning that many investors have stored their coins and not selling.Meanwhile, spot Bitcoin ETFs had the first week of inflows, meaning that some bullish investors still exist. One of the most notable bulls is MicroStrategy, which continued its acquisition spree, buying coins worth over $1 billion recently.BTC/USD technical analysisBitcoin price bottomed at $52,510 on September 6, and has been in an uptrend since then. It rose and retested the important resistance point at 60,000 and also flipped the 25-day moving average into a support point.The pair has also flipped the key support point at 56,425, its lowest swing in May into a support level. Also, and most importantly, Bitcoin is forming a bullish flag chart pattern, a popular bullish sign.Bitcoin has moved above the Ichimoku cloud indicator, meaning that bulls are coming back in. Therefore, there is a likelihood that the pair will continue rising ahead of the Fed interest rate decision. If this happens, the next point to watch will be at the psychological point at 65,000, its highest point on August 25,More By This Author:BTC/USD Forex Signal: Needs to Flip 200 EMA To Avoid Death CrossBTC/USD Forex Signal: Bulls Target The 50 EMA Price At 59,800AUD/USD Forex Signal: Double-Top Pattern Points To More Weakness