Bitcoin broke above $63,000 on Monday and quickly pushed past $64,000, escaping the narrow range that had trapped the price for days. The biggest catalyst came from the US macro picture, as traders sharply reduced their expectations for a Federal Reserve rate hike in September while the dollar weakened. Selling pressure eased with a sharp drop in Bitcoin inflows to exchanges and cooling funding rates. Despite the rally, CryptoQuant’s volatility-adjusted momentum has fallen below zero, suggesting weak returns relative to recent volatility. The key level to watch is now $65,000, and a clean break above it will determine the next move.
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