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

BTC

BTC/USDT

$66,029.07

+2.94%

$66,029.07

+2.94%

(24s)

24h Volume

$17,228,663,106.77

24h H/L

$66,084.47 / $63,100.00

Change: $2,984.47 (4.73%)

Long/Short

56.3%

Long: 56.3%Short: 43.7%

Funding Rate

+0.0057%

Longs pay

Data provided by COINOTAG DATALive data

Bitcoin

Daily

$66,060.63

▲ 1.23%

Volume (24h): -

Resistance Levels

Resistance 3$70,265.44

Resistance 2$67,834.53

Resistance 1$66,797.37

Price$66,060.63

Support 1$65,047.22

Support 2$63,848.74

Support 3$62,019.17

Pivot (PP):$64,718.17

Trend:Uptrend

RSI (14):59.8

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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