​Bitcoin (BTC) revisited Friday’s high above $63,000 on Saturday, maintaining its positive momentum. However, China’s highly-anticipated stimulus announcement fell short of expectations, reducing the likelihood of a capital rotation into Chinese equities.

In a briefing on Saturday, China’s Finance Minister Lan Fo’an promised additional support for the slumping property sector and indebted local governments. However, the lack of information on plans to boost domestic consumption disappointed economists and could negatively impact Chinese equities in the coming week. This could discourage macro investors from moving capital out of cryptocurrencies and into China-linked equities.

Bitcoin, the leading cryptocurrency by market value, rose to nearly $63,500 during the North American daytime, testing a downtrend line that has characterized the pullback from late September highs above $66,000. Prices briefly topped $63,400 late Friday but failed to sustain the move and dipped to $62,400 early today.

If BTC breaks above the trendline, it could signal an end to the pullback from the late September high and a resumption of the rally from early September lows under $53,000. The next resistance level is around $69,000, marked by a trendline connecting lower highs registered in March and June. On the downside, key support is at the Oct. 10 low of $58,890. 

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