Bitcoin Price Surges 4% to $60K Amid Fed Rate Cut Hopes and Q4 Optimism

As optimism grows for a 50-basis-point Federal Reserve rate cut ahead of Wednesday’s FOMC meeting, Bitcoin and the broader cryptocurrency market are rallying.

Bitcoin surged by 4% to $60K, fueled by increased confidence in a bullish quarter.

Historically, Bitcoin thrives during rate cuts, and with a 62% likelihood of this scenario, further growth is expected.

Bitcoin Rises: Sharper Fed Rate Drops and Q4 Optimism

As confidence increases for a Federal Reserve rate drop of 50 basis points ahead of Wednesday’s FOMC meeting, Bitcoin and the larger cryptocurrency market have rebounded.

A cut of this kind has traditionally resulted in cryptocurrency bull runs, and the CME FedWatch Tool indicates a 62% chance of one.

On the last day, Bitcoin’s price increased by 4% to hit $60K, and other cryptocurrencies like Ethereum, BNB, Solana, and XRP all saw increases.

In the past, lower interest rates have helped Bitcoin perform well. Notable examples of these times include the 2017 bull run and the 2020–2021 post-pandemic rally. With average gains of 88.84%, Q4 is usually Bitcoin’s greatest quarter.

Bitcoin and other cryptocurrencies may continue to rise due to growing expectations of a rate reduction and positive Q4 results. Due to traders’ repositioning and increased investor confidence, Bitcoin’s liquidations hit $45.66 million.

If the Fed proceeds with the rate cuts, this news may ignite additional price growth for Bitcoin.

Bhutan Holds Twice as Much Bitcoin as El Salvador

According to Arkham Intelligence, Bhutan’s investment arm, Druk Holdings, has more Bitcoin than El Salvador, with over 13,000 BTC. Hydroelectric energy powers Bitcoin mining activities, contributing to Bhutan’s hoard of 13,029 BTC, or almost $758 million.

This equates to 25% of Bhutan’s projected GDP in 2024. Comparatively, El Salvador has 5,875 Bitcoins, which are valued at $331 million and were purchased at an average cost of $43,900 each.

El Salvador started buying Bitcoin at higher prices in 2021, although Bhutan started mining in 2019 when the price was about $5,000.

Bhutan’s plans to boost mining power and raise its holdings of Bitcoin indicate that institutional interest in the cryptocurrency is expanding, which might have a beneficial effect on BTC prices by demonstrating long-term confidence in the commodity. This action indicates the growing use of renewable energy in Bitcoin mining.

South Korea’s Cryptocurrency Boom: The Role of the Growing Premium Index

According to Chainalysis report , the expanding Korea Premium Index is driving the growth of the cryptocurrency market in South Korea.

The index compares the prices of cryptocurrencies on South Korean exchanges, such as Bitcoin and Ether, to those on international markets.

Pricing in South Korea is higher than the world average due to institutional trading, local demand, and special market circumstances.

As institutional and ordinary investors search for arbitrage possibilities, the premium is highest when the market is unclear.

Large transactions are carried out by institutional investors, who purchase cryptocurrency on international exchanges at a discount and resell it on regional platforms to raise the premium. As demand for cryptocurrencies soars in South Korea’s market, this increased institutional participation and premium may drive up the price of Bitcoin.

Furthermore, staff earnings at South Korean exchanges like Upbit are rising, which is indicative of the expansion of the regional cryptocurrency market.

Bitcoin (BTC/USD) Daily Technical Outlook – September 18, 2024

Bitcoin (BTC/USD) is trading at $60,475, up 0.21%, as it continues to build on recent bullish momentum. The price has broken above the pivot point of $59,875, reinforcing the bullish outlook. Immediate resistance is seen at $61,343, with further upside potential toward $62,393 and $63,402 if buying pressure persists.

On the downside, support lies at $58,955, closely followed by $58,100 and $57,354, should any corrective move take hold.

The 50-period EMA at $59,248 is offering solid support, and as long as Bitcoin holds above this level, the upward trend remains intact.

The RSI is currently at 60, indicating bullish momentum, though it’s worth watching for signs of overbought conditions in the near term.

In conclusion, Bitcoin remains bullish above $59,875, with a potential run toward higher resistance levels. A break below the pivot could, however, trigger sharp selling pressure.

Key Summary Insights:

• Immediate resistance is at $61,343, with targets at $62,393 and $63,402.
• 50 EMA at $59,248 provides strong support.
• Bullish momentum above $59,875; a break below could signal a sharp selloff.

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