bullish

Bitcoin

Daily

<p>Bitcoin’s price finally looks set to break back above the $60K level after weeks of consolidation. However, there is still one more key resistance level that the price needs to overcome.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By: Edris Derakhshi (TradingRage)</p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>On the daily timeframe, Bitcoin’s price is demonstrating a willingness to finally break above the $60K resistance level, following its rebound from $52K.</p>
<p>The RSI also shows values above 50, indicating that the market momentum is bullish once again. However, for the cryptocurrency to begin a new long-term rally, the price should first rise above the 200-day moving average, which is located near the $64K resistance level.</p>
<figure id="attachment_361006" aria-describedby="caption-attachment-361006" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-18-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-361006" src="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-18-2024-scaled.jpg" alt="btc_price_chart_1809241" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-18-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-18-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-18-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-18-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-18-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-18-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-18-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-361006" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>The 4-hour chart clarifies the recent price action, as the market has been making higher highs and lows since bouncing from the $52K support level.</p>
<p>As this suggests, it is only a matter of time for the $60K resistance level to be broken to the upside, which would pave the way for BTC to rally toward the significant $64K resistance area. The RSI is also showing bullish momentum in this timeframe and has yet to reach the overbought region. Therefore, the market seems to be on the verge of an increase, at least in the short term.</p>
<figure id="attachment_361005" aria-describedby="caption-attachment-361005" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-18-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-361005" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="on-chain-analysis">On-Chain Analysis</h2>
<p>By Edris Derakhshi (TradingRage)</p>
<h3 id="bitcoin-exchange-supply-ratio">Bitcoin Exchange Supply Ratio</h3>
<p>To sell their coins in the crypto market, most people have to first deposit them into an exchange. The amount of BTC held in exchange wallets is, therefore, a proxy for market supply (at least retail), and analyzing its trends could be beneficial.</p>
<p>This chart presents the BTC exchange supply ratio, which measures the ratio of the BTC held in exchanges to the total supply of the coin.</p>
<p>As it shows, the metric has been declining rapidly since February, indicating that heavy accumulation occurred during the recent consolidation. As a result, if sufficient demand is present, the market can begin a new rally toward higher prices.</p>
<figure id="attachment_361004" aria-describedby="caption-attachment-361004" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-361004" src="https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-scaled.jpg" alt="Bitcoin Exchange Supply Ratio - All Exchanges" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Exchange-Supply-Ratio-All-Exchanges-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-361004" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-the-fed-cut-rates-now-whats-next-for-btc/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: The Fed Cut Rates, Now What’s Next for BTC?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: The Fed Cut Rates, Now What’s Next for BTC?

Table of Contents

CryptoPotato_News

Other articles published on Sep 18, 2024

Revolutionizing Patient Interaction: Virtual Health Assistants by HealthSciAI

Kamala Harris presidency may push US crypto firms abroad — Nansen CEO

BREAKING: After the FED’s Historic Interest Rate Decision, Chair Jerome Powell Makes Remarks on L...

Expert consensus foresees 25bps cut and short-term volatility

Vitalik Buterin at Token2049: Crypto’s Early Days Are Over

BitGo Set to Launch Reward-Bearing USDS Stablecoin in 2025

Join our free newsletter for daily crypto updates!