The post Is the Fed’s Rate Cut Fueling a New Bull Run? appeared on BitcoinEthereumNews.com.

Immediately after the US Federal Reserve announced its decision to cut its key lending rate by half a percentage point, the Bitcoin market touched a monthly high. Yesterday, BTC closed at around $61,783. Looking at the daily chart of Bitcoin, it is clear that Bitcoin is moving upward strongly. Is Bitcoin at the start of a new bullish trend?  US Fed Funds Interest Rate Cut: What You Should Know  It was expected that the Federal Reserve would consider a rate cut. Jerome Powell, the chair of the Federal Reserve Board, even hinted openly about the rate cut plan. There was confusion over one aspect: whether it would be a 25 basis points cut or a 50 basis points cut.  Finally, when the Federal Reserve chose to go ahead with an aggressive 50 basis points rate cut over a conservative 25 basis points cut, it left many experts astounded. Some even warned of the possibility of fueling inflation.  As expected, traditional assets felt the heat of the move. Some important US stock indices closed far below their opening.  However, risky assets, like Bitcoin, responded very optimistically.  Bitcoin Price Analysis: A General Overview  In the last 24 hours, the Bitcoin market has experienced an increase of at least 2.9%. At the start of this month, the price was just $58,977.11. It slipped to the monthly low of $53,973 on September 6. Since September 7, the price has been consistently growing. Although it experienced a negative fluctuation between September 14 and 16, buyers took control of the market on September 17. Right now, what we see in a daily chart of Bitcoin is the last three strong bullish candlesticks pushing the price aggressively upward, far beyond the level of $60,000. US Fed Fund Interest Rate: A Historic Analysis  The US Fed Funds Interest…

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Filed under: News - @ September 19, 2024 7:26 am