CandleFocus Bitcoin extends gains after Fed cut interest rate
2024-09-19
Author: Content Editor
Bitcoin (BTC) has increased by 2.4% to trade above $62,000 following the US Federal Reserve's decision to cut interest rates by 50 basis points. On-chain metrics also indicate BTC strength. The rate cut could have a positive impact on Bitcoin's price, although it may be less pronounced than during the COVID crisis. Economist Peter Schiff warned that the rate cut could worsen inflation and turn investors towards safe-haven assets like gold. However, data from CryptoQuant suggests that institutions are no longer aggressively shorting Bitcoin. In addition, the Louisiana state government has announced that it will accept Bitcoin, Bitcoin Lightning, and USD Coin as valid forms of payment, which could promote greater cryptocurrency acceptance. Technical analysis suggests that if BTC closes above the 61.8% Fibonacci retracement level, it could rally further. However, if BTC breaks below the descending trendline, its price could decline.
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