FOMC

Bitcoin

Reserve

Spot

Gains

<p>Bitcoin has been showing strong <a href="https://coinpedia.org/price-analysis/bitcoin-news-as-btc-price-hits-60k-will-fomc-meeting-drive-a-10-jump/" target="_blank" rel="noreferrer noopener">performance in the cryptocurrency market</a>, leading to a market-wide surge. In the past 24 hours, the global crypto market capitalization has grown by 2.2%, reaching $2.08 trillion. Bitcoin itself saw a price jump, trading at $60,281, largely due to rising interest in Bitcoin-linked products, suggesting potential market stability.</p>   
<h2 class="wp-block-heading" id="h-spot-bitcoin-etf-inflows-drive-market">Spot Bitcoin ETF Inflows Drive Market</h2>   
<p>A key factor supporting Bitcoin’s rise has been substantial inflows into spot Bitcoin ETFs. U.S.-based ETFs saw net inflows of $403 million last week, ending on September 13.&nbsp;</p>   
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<p>The momentum continued with an additional $186.7 million in inflows on September 17, according to blockchain analytics platform SpotOnChain. These inflows pushed the total ETF reserves to $17.3 billion, fueling optimism in the market.</p>   
<h3 class="wp-block-heading" id="h-short-liquidations-add-to-bitcoin-s-gains">Short Liquidations Add to Bitcoin’s Gains</h3>   
<p>Data <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">from Coinglass shows</a> a significant liquidation of short positions in the derivatives market. Over the last 24 hours, short traders lost $88 million, while long traders faced $52.15 million in losses. This wave of liquidations helped support Bitcoin's recent rally.</p>   
<h3 class="wp-block-heading" id="h-bitcoin-mirrors-the-stock-market-s-strength">Bitcoin Mirrors the Stock Market's Strength</h3>   
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin’s price surge </a>parallels the robust performance of U.S. equities. The S&amp;P 500 recently hit a new all-time high of 5,670.81, up by about 20% in 2024. The stock market’s strength has further boosted confidence in Bitcoin.</p>   
<h2 class="wp-block-heading" id="h-eyes-on-the-fomc-meeting">Eyes on the FOMC Meeting</h2>   
<p>Attention is now on the upcoming Federal Open Market Committee (FOMC) meeting, <a href="https://coinpedia.org/news/fomc-meeting-us-interest-rate-cut-what-crypto-investors-should-expect/" target="_blank" rel="noreferrer noopener">scheduled for September 17-18.</a> The market expects the U.S. Federal Reserve to implement rate cuts after a series of rate hikes that brought borrowing costs to their highest level in two decades. According to the CME Group’s FedWatch Tool, there is a 65% chance of a 0.5% rate cut.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin Price Analysis</h2>   
<p><a href="https://coinpedia.org/news/is-bitcoin-poised-for-a-price-surge-halving-and-us-election-could-hold-the-key/" target="_blank" rel="noreferrer noopener">Bitcoin recently bounced</a> back from testing a key support level of $57,270, climbing above $60,000. For Bitcoin to break through its resistance level of $61,725, a favorable response to the expected rate cut could be crucial.&nbsp;</p>   
<p>If successful, Bitcoin could surge toward $65,000, maintaining its bullish trend. However, failure to break past resistance could cause BTC to revisit lower support levels of around $60,000.</p>   
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/ethereum-price-prediction-can-eth-price-slingshot-to-3k-with-this/" target="_blank" rel="noreferrer noopener">Ethereum Price Prediction: Can ETH Price Slingshot To $3k With</a> This?</p>

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