Bitcoin Surges 8% After Fed Rate Cut, Indicators Suggest Further Gains Ahead

COINOTAG news, on September 24, CryptoQuant highlighted a significant 8% surge in Bitcoin’s price following the Federal Reserve’s interest rate cut of 50 basis points. The “profit supply” indicator has surpassed the 365-day moving average, indicating potential for future gains. This indicator suggests an increasing number of Bitcoin holders are now in a profitable position, possibly reducing selling pressure and enhancing market confidence. However, analysts caution that Bitcoin’s rise was predominantly fueled by spot market purchases, and a deceleration in this activity may result in a consolidation or a minor pullback in the near term.