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

BTC

BTC/USDT

$71,354.77

+3.55%

$71,354.77

+3.55%

(24s)

24h Volume

$17,366,629,629.18

24h H/L

$71,554.95 / $68,531.50

Change: $3,023.45 (4.41%)

Long/Short

65.5%

Long: 65.5%Short: 34.5%

Funding Rate

-0.0023%

Shorts pay

Data provided by COINOTAG DATALive data

Bitcoin

Daily

$71,351.87

▲ 2.98%

Volume (24h): -

Resistance Levels

Resistance 3$79,008.03

Resistance 2$75,548.63

Resistance 1$72,179.52

Price$71,351.87

Support 1$70,589.27

Support 2$67,300.00

Support 3$62,909.86

Pivot (PP):$70,598.27

Trend:Downtrend

RSI (14):35.3

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.

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