Bitcoin’s price clinched a three-week high on Friday, extending gains into the weekend, as traders remained optimistic over several tailwinds expected in the coming months.

That includes the U.S. Federal Reserve’s decision to end its rate hike regime, which peaked in July last year with a target range of 5.25%-5.5%.

Other tailwinds include the outcome of the U.S. presidential election in November, with candidates Donald Trump and Kamala Harris likely to decide the direction of crypto policy in the U.S.

Last week, Federal Reserve Chairman Jerome Powell hinted at upcoming rate cuts next month, indicating the U.S. central bank is satisfied with cooling inflation and increasingly focused on the growing weakness in the labor market.

The rhetoric helped drive risk assets—including crypto—higher, with bellwether asset Bitcoin rising above $62,000 for the first time since August 2.

Bitcoin rose higher into the weekend, topping out just below $65,000 before falling back to current levels near $64,000, CoinGecko data shows.

Favorable data from the U.S. labor market added to investor convictions the central bank would likely cut rates in September.

“The Bureau of Labor Statistics revised away 818,000 jobs; that is, new jobs that were reported in previous months non-farm payrolls data,” Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital, told Decrypt.

“This data was key to supporting the ‘hot jobs market’ narrative, but it turns out it never happened,” he said, adding that sell pressure from Germany and the U.S. Government, as well as Mt. Gox and Genesis, also appears to be in the rearview.

“This setup could see Bitcoin buck its historical September weakness and potentially break to a new all-time high; after six months of trading sideways, a strong rally is looking increasingly likely before year-end.” the investment head said.

Bitcoin has oscillated between $49,000 and $71,000 since the end of February following the Securities and Exchange Commission’s decision to greenlight multiple exchange-traded funds linked to the asset and the subsequent comedown from market exuberance.

McMillin’s sentiment was echoed by QCP Capital, which wrote in a note to investors on Friday Bitcoin is back to trading “comfortably in the familiar $61,000 to $70,000 range.”

Selling supply is “slowly depleting,” and spot ETFs witnessed net inflows in ten of the last 12 days, QCP said alluding to recent investor preference for the asset.

Friday’s rally was “mostly spot-driven,” QCP said, adding that the market “should expect an increase in leverage long positions” if the $62,000 price tag holds as the end of the summer holidays fast approaches.

That means the market could see traders borrowing funds to increase their investment, betting that the price of the asset will rise.