Bitcoin Tests the $61,000 Level

The leading cryptocurrency has resumed its upward trajectory, reaching levels last seen at the end of August.

The digital gold has risen by 5.6% over the past 24 hours, according to CoinGecko. At the time of writing, the asset is attempting to consolidate at the $61,000 level.

Alongside Bitcoin, the rest of the market has also shown signs of life. Notably, altcoins in the top 10 have moved into the “green zone.”

Ethereum is slightly trailing the leader, with a 3.7% increase over the past 24 hours. The asset is trading around $2377.

The market has revived amid expectations of a rate cut by the Fed—the Federal Open Market Committee (FOMC) meeting is scheduled for September 17-18.

At the time of writing, the total cryptocurrency market capitalization stands at $2.19 trillion, with Bitcoin’s dominance index at 54.8%, according to CoinGecko.

Earlier, WeRate co-founder Quinten François concluded that a restart of the bull market is possible in early October.