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Bitcoin (BTC) registered 1.7% growth in the last 24 hours and is back above the $60,000 price level. BTC is now testing the $60,600 zone as support to confirm the exit of a downtrend channel, according to to the trader identified as Rekt Capital.

“A downtrending channel formed within this cluster and the price broke out of it yesterday to make a daily close at the $60600 (black) level. A retest of $60600 is underway in an attempt to reclaim it as new support,” Rekt Capital explained.

If the marked support is overcome, Bitcoin could push towards the $65,000 area. This is the upper end of the current price cluster where the price is now.

Moreover, on monthly time frame, Bitcoin is showing signs of strength by maintaining the previous all-time high of $61,000 as support for the sixth consecutive monthDespite BTC briefly losing price a few times, it always managed to close above it.

Despite this, Bitcoin is still stuck in a post-halving re-accumulation range, the trader said. This means that, based on the previous bull cycle, BTC will remain at its current all-time high of $70,000 until mid-September.

“Many investors get upset at this stage due to boredom, impatience, and disappointment over the lack of major results in their BTC investment immediately after the Halving.”

The recent price rally was fueled by bullish Fed minutes released on August 21, which hinted at a likely 25 basis point cut in U.S. interest rates. The document echoed comments made by Jerome Powell in late July about a likely rate cut if U.S. market data continues to come in as expected.

With the next Federal Open Market Committee (FOMC) meeting scheduled for September 17-18, a 25 basis point rate cut could be a catalyst to break the reaccumulation zone, Rekt Capital analysis shows.

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