Источник Decrypt.co, New York, USA
Заголовок Bitcoin Holds Onto Rate Cut Gains, But Analysts Say $60,000 Is Still a Critical Battleground
Дата 20240919

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Holds Onto Rate Cut Gains, But Analysts Say $60,000 Is Still a Critical
Battleground

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Holds Onto Rate Cut Gains, But Analysts Say $60,000 Is Still a
Critical Battleground

Short-term holders are selling from August, signaling a potential price
bottom," an analyst told Decrypt.

By Murtuza Merchant

Sep 19, 2024 Sep 19, 2024

3 min read

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin on Thursday morning surged past the $62,000 mark, reaching $62,190, a
day after the Federal Reserve announced a decisive rate cut .

Meanwhile, Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, although up 5% at $2,435, has underperformed relative to
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, seeing only a 1% increase over the same two-week period.

This seesaw movement in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin's price followed a period of volatility
triggered by the Fed’s interest rate decision yesterday. Initially, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
spiked to $61,300 before retreating to $59,400. However, bullish momentum soon
took over, pushing the price to $62,500 before slightly retracing.

As the broader cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market rose with Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, it triggered
substantial liquidations. Derivatives crypto traders have seen $204.3 million
worth of contracts forced to liquidate in the past 24 hours, according to
Coinglass data . Of this, $130.5 million were short positions (betting against
prices), while $73.8 million were from longs, indicating a market tilt as
prices surged.

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The Federal Reserve’s rate cut, its first in more than four years, took many
on Wall Street by surprise. Most analysts had expected a more modest 25 basis
point
reduction, but the larger 50 bps cut indicated a more assertive strategy
to relax monetary policy, aligning with investor hopes for quicker action amid
ongoing economic uncertainty.

In a note sent to Decrypt , Alex Kuptsikevich, senior market analyst at FxPro,
said that increased risk appetite in the markets after the Fed's decision
helped cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта hit highs over the past three weeks.

The crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта has been moving within a downward corridor since mid-March,
and only a surpassing of the recent $2.25 trillion peaks could change this
trend, he said.

“The downtrend has been in place since March, and the previous peak of around
$64K roughly coincides with the 200-day moving average. We assume that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
may encounter serious resistance at this level , overcoming which would clear
the way up,” Kuptsikevich said.

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Chris Aruliah, Head of Institution at Bybit said historically, a rate cut has
often led to an influx of capital from banks into the stock market, as lower
interest rates drive more investment into riskier assets, including digital
currencies.

However, Aruliah also warned of potential challenges posed by economic
uncertainty and market fluctuations. What's more, on-chain data also
suggests that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price movement could hinge on the behavior of
short-term holders.

Analysis from CryptoQuant highlighted that the average buy price of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
holders who have held for 1-3 months has historically acted as a key support
or resistance level. Source: CryptoQuant

Speaking with Decrypt , Avinash Shekhar, co-founder and CEO of Pi42, focused
on Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price dynamics around the critical $60,000 level.

Short-term holders are selling from August, signaling a potential price
bottom, while long-term holders are maintaining support above $60,000. This
has created a tug-of-war between bulls and bears,” Shekhar said.

He added that further rate cuts could propel Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin forward, making the
$60,000 level a critical battleground. "A high above $62K can usher in bullish
momentum , while a breakdown below $60K could extend selling pressure."

Edited by Stacy Elliott .

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