Bitcoin jump $65K as China Unveils Stimulus (September 2024)

Bitcoin (BTC) has jumped past $65,000, marking one of its strongest moves this year. For those new to it, Bitcoin is a digital currency built on a public network that allows people to send and store value without banks.

This rise matters because it shows how global events still shape the crypto market. BTCRepublic looks at what’s driving the climb, China’s new economic push, what it could mean for prices next, and how it may affect Bitcoin holders worldwide.

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Key Takeaways

Facts & Original Research

This section adds depth and credibility to the article by including data, expert commentary, and real-world market signals that help readers understand why Bitcoin’s price reacted to China’s economic policies and why these insights matter for investors.

Key Data Highlights

Bitcoin’s Surge – What’s Going On?

Over the past 48 hours, Bitcoin (BTC) jumped from around $62,400 to above $65,000, marking a sharp rebound in market confidence. The rally picked up speed around 2:00 AM UTC, when strong buying volume hit major exchanges like Binance and Coinbase.

Traders say momentum grew after China confirmed its new $205 billion stimulus plan, sparking optimism across global markets. Within hours, Bitcoin broke the $65K barrier, a level not seen in weeks with daily trading volume climbing more than 45%, according to CoinMarketCap data.

What Triggered the Jump?

China’s Stimulus Push

China recently announced a $205 billion economic stimulus package to lift its slowing economy. The plan focuses on infrastructure development, local government debt support, and funding for small businesses. By injecting fresh capital into the system, the government aims to boost spending, create jobs, and stabilize growth.

Investors read this as a signal that more liquidity will flow through global markets and when that happens, money often finds its way into risk assets like crypto.

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Why It Matters for Bitcoin

When a major economy increases money supply, investors start looking for ways to protect value from potential currency weakness. That’s where Bitcoin steps in. It’s often viewed as a digital store of value that holds up when traditional currencies face pressure. This mindset helped fuel Bitcoin’s rise past $65,000, as traders moved quickly to hedge against inflation.

Breaking It Down: Why Bitcoin Reacts to Policy Moves

Global economic policies like China’s new stimulus affect how money moves across markets. When governments release more funds, it increases liquidity, meaning there’s more cash chasing investment opportunities. Some of that money often flows into assets outside traditional finance, including Bitcoin.

People also worry about inflation when too much new money enters the system. It’s a bit like moving your savings from a shaky bank to something you trust more. For many, Bitcoin feels safer because it has a limited supply. So when big policy changes hit, investors become more confident and shift a portion of their funds into crypto.

Bitcoin Rallied Strongly Following The Announcement 

Following the announcement of the stimulus packages, the price of Bitcoin (BTC) soared to almost a one-month high of $64,700.

Real Vision’s crypto analyst, Jamie Coutts, argued that the Chinese fresh stimulus packages are bullish for Bitcoin, mentioning that it would influence the central banks of other countries to do the same.

Jamie added that the announcement of China’s stimulus packages has always preceded a huge surge in risky assets like Bitcoin.

For instance, in October 2023, when China injected $367.7B into the economy via reverse repos, and in January 2024, when it ingested $140B by reducing the RRR by a 50-basis point, the price of Bitcoin surged by over 100% in both cases.

That means the performance of Bitcoin is closely tied to global liquidity conditions.

However, the bullish movement was short-lived as the price of Bitcoin fell shortly after to about $62,700. Currently, Bitcoin is trading at about $63,500.

Bitcoin fell by over 2%, and other major altcoins also suffered losses. Ethereum, BNB, Ripple XRP, and SOL lost almost 1.8%. Such a drop in price is common after a significant surge.

Yesterday, it was reported that the price of Bitcoin rose to about $64,800 early Monday morning before dropping to about $63,800 just 2 hours later. This shows that Bitcoin is facing strong resistance at $64K.

This may also explain the reason why Bitcoin did not maintain its position above $64K today.

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What’s Next for Bitcoin?

In the short term, Bitcoin may consolidate between $63K and $66K as traders wait for new data or headlines. A clear breakout above $69K could signal the next strong leg upward, especially if ETF inflows and halving optimism continue building momentum.

For now, watch for daily closes above $65K with strong trading volume that’s often a sign of steady demand. Bitcoin’s path forward looks active, but smart patience still pays best.

Final Thoughts

Bitcoin (BTC) crossing $65,000 marks a strong comeback, and China’s $205 billion stimulus plan likely played a big part in fueling that move. The link between global policy shifts and crypto prices is getting harder to ignore.

Staying alert to major economic updates can help you make smarter calls in this fast-moving market. For real-time data and price coverage, check our live Bitcoin feed on BTCRepublic, updated every few minutes.

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