Bitcoin Price Rises After Interest Rates Cut by Federal Reserve
2024-09-23
Bittime - EMC Labs says that Bitcoin (BTC) may have entered the second phase of the bull market.
In the last few weeks, BTC has experienced quite a significant increase, especially after the Federal Reserve cut interest rates last September. Read this article to find out the full news!
Bitcoin Price Rises After Interest Rates Cut
Source: Bittime.com
One of the main factors influencing the recent rise in Bitcoin prices was the Federal Reserve's decision to lower interest rates by 50 basis points.
This reduction in interest rates had a fairly stable impact on the financial market as a whole, and Bitcoin became one of the assets that benefited most from this policy.
EMC Labs said that in the first week after the interest rate cut, Bitcoin prices rose by 7.54%, closing at $63,577.66.
Read Also: Bitcoin Rebound Triggers Stablecoin Mint Surge
Bitcoin Price Key Point: $64,000-$66,000
Source: x.com/emc_labs
One important thing to watch in the short term is Bitcoin's critical price range of $64,000 to $66,000.
EMC Labs says that this number range is a critical point for determining whether the Bitcoin market can surpass previous highs.
EMC Labs also highlighted that from a cost of ownership perspective on the network, Bitcoin would need to overcome the 30% profit level for short-term investors coming in at around $49,000.
If Bitcoin price manages to break through this level, it will be a strong indicator that the Bitcoin market is ready to continue its upward trajectory and possibly reach new highs.
Capital Flows and the Roles of Bitcoin ETF
EMC Labs also said that the crypto market continues to receive capital inflows, although this week's volume was slightly lower than the previous week.
There was an inflow of $931 million from ETFs and stablecoins, with ETFs contributing $397 million and stablecoins $535 million.
This shows that even though there is a decrease in capital inflow compared to the previous week, investors still remain optimistic and continue to channel funds into the crypto market.
Read Also: Bitcoin Price Stable, Time to Look at Meme Coin?
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