FOMC

bullish

2024

Spot

Despite a bearish weekend and a negative start this week, the BTC price bounces back with a surge in trading volume. Supporting the uptrend, the Bitcoin ETFs and the hype before the FOMC meeting fuel the sentiments.&nbsp;  
With the reclamation of the $60K zone, will Bitcoin continue the bull run this week with a potential rate cut? However, will the $54K support hold if FOMC decides otherwise? Let’s find out.  
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2>  
With a bullish recovery this Tuesday, Bitcoin bounces 3.61% to create a bullish engulfing candle. The recovery rally undermined the 3-day crash and delayed the death cross event between the 50 and 200-day EMA.&nbsp;  
However, the higher price rejection led to a closing at $60,316. Currently, the BTC price is struggling to sustain dominance above the $61,000 mark as it forms a minor doji candle.&nbsp;  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeSV_SG78RnUX22mVTR7ETR6cpZzyL521vC8i2XHi8cYsm-DZg6IxB6cKaI79VJuOaL2MxEpRP91dhY5ngf7aLBxOTn_R6U6xFjFl2CrxdQPcmPxfffnGDKGEWX8atj2SLA565bbZr2CL7xqihsi7Ij5AUm?key=RwFo3o2Aj4b_OuXfYLhLCw" alt="Bitcoin Price Chart">
</figure>  
<a href="https://www.tradingview.com/x/HOsODaWK" rel="noopener noreferrer nofollow">Tradingview</a>  
However, the recent recovery run from the $54,000 mark has led to a 12.26% surge over the last 11 days within two weeks. As the recovery run surpasses the 23.60% Fibonacci level and the two dynamic moving averages, the uptrend will likely hit the $63,847 mark or the 50% Fibonacci level.&nbsp;  
The BTC price is currently trading at $60,227.88 with an intraday gain of 2.98%. Yesterday, the BTC price reached the height of $61,331. However, with the FOMC meeting just today, the speculations in the crypto market are on the rise.&nbsp;  
<h2 class="wp-block-heading" id="h-bitcoin-etfs-support-the-run">Bitcoin ETFs Support The Run</h2>  
Bitcoin Spot ETFs continue the recovery and mark the fourth consecutive day of inflows. As the sentiments improve, the US spot Bitcoin ETFs recorded a $187 million net inflow, continuing a streak of four days of gains on September 17.  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcgHP0fVc20YYwGNlzxac4aGXAp-F8lnRb4_BD0bL_uhwwHsoFyrxBD1shKIbBwFtysYpQWYnvpl7hEesn-onBAyf799FV3NlqCGeET464FnKV6q6YsHW-QjxRGLOVQpIfeuexElIy0OFZ05uBvRd5rC6Y?key=RwFo3o2Aj4b_OuXfYLhLCw" alt="">
</figure>  
<a href="https://m.sosovalue.com/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow">Sosovalue</a>  
While Grayscale's GBTC had no outflows, Fidelity’s FBTC experienced an inflow of $56.6 million, and Bitwise’s BITB saw an inflow of $45.4 million. Currently, the total net assets held by the ETFs are worth $54.84B  
<h2 class="wp-block-heading" id="h-will-the-btc-price-hit-66k">Will the BTC Price Hit $66K?</h2>  
The BTC price is expected to surge with a rate cut as the speculations support the ongoing bull cycle within a long-channel pattern. Further, the bullish sentiments are rising as 65% of market participants anticipate a rate cut of 500 basis points.&nbsp;  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdNslKXOnQyO_T0TU_xZh_Y-ZE0DZNCl0ehFOcdZU3TI4b0M6MZjmei9LfCed-YofoaKSO9zPJbSgsvEmd1dp3Wd9KYIrbMtWJK1jMyTuKAPHMqfMXlwGq-FV8VUnGyTllUyNqB64egQZBt82yS583LJGw?key=RwFo3o2Aj4b_OuXfYLhLCw" alt="">
</figure>  
<a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="noopener noreferrer nofollow">Fedwatch</a>  
The rate cut eases the lending process and brings funds into riskier assets like Bitcoin. This year, Bitcoin has recorded almost 10% jumps multiple times, fueled by global market catalysts. A similar move, a 10% surge from the current market price, with the rate cuts, will challenge the overhead trendline near the $66,000 mark.&nbsp;  
The RSI line is above the 50% half-line, and the 14-day SMA line maintains an uptrend. Hence, the momentum indicator reflects a surge in bullish momentum and increases the upside chances.&nbsp;  
On the flip side, if the FOMC meeting decides to maintain the current rates or, in unlikely cases, increase the rates, the BTC price could crumble back to the $54,000 support level and, in extreme cases, might break the $50,000 support level near the declining trendline.  
Curious if Bitcoin will end 2024 on a bullish note to hit $100,000 after September rate cuts? Find out now in Coinpedia’s <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price prediction</a> for 2024 and years ahead!

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