Cardano

bullish

Bitcoin

when

Reserve

<p>Immediately after the US Federal Reserve announced its decision to cut its key lending rate by half a percentage point, the <a href="https://coinpedia.org/news/bitcoin-hits-61k-as-fed-slashes-interest-rates-by-50-bps-after-four-years/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin market touched a monthly high</a>. Yesterday, BTC closed at around $61,783. Looking at the daily chart of Bitcoin, it is clear that Bitcoin is moving upward strongly. Is Bitcoin at the start of a new bullish trend?&nbsp;</p>  
<h2 class="wp-block-heading" id="h-us-fed-funds-interest-rate-cut-what-you-should-know-nbsp">US Fed Funds Interest Rate Cut: What You Should Know&nbsp;</h2>  
<p>It was expected that the Federal Reserve would consider a rate cut. Jerome Powell, the chair of the Federal Reserve Board, even hinted openly about the rate cut plan. There was confusion over one aspect: whether it would be a 25 basis points cut or a 50 basis points cut.&nbsp;</p>  
<p>Finally, when the Federal Reserve chose to go ahead with an aggressive 50 basis points rate cut over a conservative 25 basis points cut, it left many experts astounded. Some even warned of the possibility of fueling inflation.&nbsp;</p>  
<p>As expected, traditional assets felt the heat of the move. Some important US stock indices closed far below their opening.&nbsp;</p>  
<p>However, risky assets, like Bitcoin, responded very optimistically.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-bitcoin-price-analysis-a-general-overview-nbsp">Bitcoin Price Analysis: A General Overview&nbsp;</h2>  
<figure class="wp-block-image"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/19121945/image-423.png" alt="" class="wp-image-352454">
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<p>In the last 24 hours, the Bitcoin market has experienced an increase of at least 2.9%. At the start of this month, the price was just $58,977.11. It slipped to the monthly low of $53,973 on September 6. Since September 7, the price has been consistently growing. Although it experienced a negative fluctuation between September 14 and 16, buyers took control of the market on September 17. Right now, what we see in a daily chart of Bitcoin is the last three strong bullish candlesticks pushing the <a href="https://coinpedia.org/price-analysis/bitcoin-news-as-btc-price-hits-60k-will-fomc-meeting-drive-a-10-jump/" target="_blank" rel="noopener noreferrer nofollow">price aggressively upward</a>, far beyond the level of $60,000.</p>  
<h2 class="wp-block-heading" id="h-us-fed-fund-interest-rate-a-historic-analysis-nbsp">US Fed Fund Interest Rate: A Historic Analysis&nbsp;</h2>  
<figure class="wp-block-image"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/19121944/image-422.png" alt="" class="wp-image-352453">
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<p>The US Fed Funds Interest Rate was around 5.5% in August this year. Between February 28, 2022, and July 26, 2023, it saw rapid growth. At the start of that momentum, the rate was just 0.25%. When the momentum settled, it took the rate to a peak of 5.5%. The rate remained unchanged until the Federal Reserve finally decided to bring down the rate by half a percentage yesterday. Now, the rate stands at 5%. Interestingly, this is the first time since March 2020 that the Federal Reserve has implemented a rate cut. On Jun 19, 2019, the rate was at 2.5%. It was brought down to 1.75% in January 29, 2020, and later was sharply reduced to just 0.25% in March 15, 2020 - probably as a part of an effort to fight the pandemic.&nbsp;</p>  
<p>Anyway, the new move by the Federal Reserve is an opportunity for risky assets to accelerate their performance. Certain assets like Bitcoin have already shown the first signs of growth, which could influence future <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price predictions</a>.</p>  
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/buy-hold-or-sell-solana-sol-and-cardano-ada-price-fail-to-break-trend/" target="_blank" rel="noopener noreferrer nofollow">Buy, Hold, or Sell: Solana (SOL) and Cardano (ADA) Price Fail To Break Trend!</a></p>

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