The post Bitcoin Price Surges Above $60,500 Amid Anticipation of Fed Rate Cut Decision appeared on BitcoinEthereumNews.com.

Bitcoin historically breaks out 150-160 days following a halving event, with September typically delivering negative returns. The anticipated Federal Reserve interest rate cut could inject liquidity into the market, with speculations ranging from a 25 to 50 basis points reduction. Economist Peter Schiff warns that while some believe the rate cuts would boost Bitcoin, they could potentially have adverse effects. Discover the impact of Federal Reserve rate cuts on Bitcoin’s trajectory and market liquidity. Bitcoin’s Historical Trends and Current Performance Bitcoin has recently demonstrated a robust resurgence, climbing 4.5% in the past 24 hours and surpassing the $60,500 mark just before the Federal Open Market Committee (FOMC) meeting. According to technical analysis, Bitcoin has been trading within a declining channel. To turn bullish, Bitcoin must break through the upper boundary of this channel on a weekly chart. Given the impending Fed rate decision, uncertainties loom whether a 25 or 50 basis points cut will be implemented. Major financial institutions like JPMorgan and Goldman Sachs are leaning towards a cautious 25 basis points cut. Critical Price Levels to Watch Renowned crypto analyst Rekt Capital noted that Bitcoin has been forming lower highs since late July. Therefore, the critical resistance level for this week is $61,900. A sustained break above this threshold could propel Bitcoin into a bullish trend. Historically, Bitcoin tends to break out approximately 150-160 days post-halving events, suggesting a potential breakout by late September 2024. Seasonal Price Patterns Historically, Bitcoin’s performance in September has been lackluster, with an average decline of 4.48%, whereas October typically presents an average gain of 22.9%. Given these historical patterns, September may represent the final stage of Bitcoin’s longer-term consolidation phase before a potential rally in October. Implications of a Federal Reserve Rate Cut During the FOMC meeting on September 18, the Federal Reserve…

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Filed under: News - @ September 18, 2024 5:21 am