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

BTC

BTC/USDT

$83,850.01

-0.57%

$83,850.01

-0.57%

(24s)

24h Volume

$18,450,984,632.45

24h H/L

$85,255.00 / $83,183.00

Change: $2,072.00 (2.49%)

Long/Short

58.5%

Long: 58.5%Short: 41.5%

Funding Rate

+0.0018%

Longs pay

Data provided by COINOTAG DATALive data

Bitcoin

Daily

$84,024.00

▼ -0.46%

Volume (24h): -

Resistance Levels

Resistance 3$94,549.91

Resistance 2$85,688.17

Resistance 1$84,048.83

Price$84,024.00

Support 1$84,021.79

Support 2$81,859.10

Support 3$77,001.87

Pivot (PP):$84,075.87

Trend:Uptrend

RSI (14):64.0

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.