Is a New Bitcoin All-time High Possible as US Rate Cuts Spark Rally?
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The U.S. federal meeting concluded that interest rates should be cut by 50 basis points. The rate cuts in the US occur for the first time since the COVID pandemic hit the world. With the rate cuts, the bullish wave spreads like wildfire, propelling Bitcoin and other markets higher.
With Japan’s Nikkei and Nifty50 from India making a bullish comeback, the Bitcoin price surged quickly last night, surpassing the $60,000 mark. The BTC price is currently trading at $61,933, ready to cross over the $62,000 mark.
Bitcoin has increased by 2.39% over the last 24 hours and increased by 6.23% over the last seven days. With the bullish recovery, the top altcoins registered massive growth, with Ethereum jumping by 3.14%, BNB by 2.51%, Solana by 5.53%, and Toncoin by 3.97%. Dogecoin, Ripple, XRP, and TRX maintained a minimal 1-3% growth.
US Crypto ETFs Conclude RecoveryEnding the four-day consecutive streak of inflows, the US spot Bitcoin ETFs turned negative on September 18th, with $52.7 million in outflows. Bitwise witnessed $3.9 million in outflows, Grayscale’s GBTC recorded $8.1 million, and ARK21’s ARKB witnessed the biggest outflow of $43.4 million.
Meanwhile, the rest of the ETFs registered a zero outflow, with Grayscale’s MiniBTC ETF recording a surprising inflow of $2.7 million. The ETH ETFs also registered a bearish day with a $9.8 million outflow, with Grayscale’s ETH Trust recording a $14.7 million outflow. Meanwhile, BlackRock’s ETHA Fund recorded an inflow of $4.9 million.
As 10 out of 11 US Spot Bitcoin ETFs saw non-positive outflows yesterday, the sentiment took a quick turn after four days of recovery.
Bitcoin Price PerformanceThe BTC price action in the 4-hour chart reveals a rounding reversal, ready to challenge the $62,000 neckline. Further, the recovery rally leads to a positive crossover between the 50 and 200 EMA, resulting in a golden crossover.
The recovery run challenges the 61.80% Fibonacci level at $62,600, teasing a breakout rally. Based on the Fibonacci level, the breakout run can hit the 78.60% or 100% level at $65,600 or $68,500. Conversely, the 50% Fibonacci level at $60,000 and the 38.20% level at $58,300 are crucial support levels.
The MACD indicator shows a bullish trend with a surge in positive histograms. As the recovery run gains momentum, the BTC is likely to hit the $70,000 mark by the end of September.
Wondering if the uptrend will scale to $100,000 by the end of 2024? Find out now in Coinpedia’s Bitcoin Price Prediction for 2024 and years ahead.
Bitcoin Cash (BCH) Siphon’s Bitcoin’s Momentum Run?With a falling wedge pattern in the daily chart, the BCH price trend reveals a strong bearish influence. However, the recent bullish reversal from crucial support at $293 teases a potential breakout.
As the recovery run gains momentum with crypto market recovery amid rate cut optimism, it accounts for a 10% hike.
Despite crossing above the 50-day EMA, the bullish engulfing candle faces a rejection from the 200-day EMA. The overhead rejection delays the bullish breakout and keeps the price action traders on a hook.
Based on Fibonacci levels, the uptrend in the BCH price can reach the 23.60% and 38.20% levels at $387 and $446, respectively.