CandleFocus Bitcoin Faces Key Test at $64K as Altcoins Lead Crypto Rally; Options Traders Bet on $70K BTC Next Month
2024-09-19
Author: Content Editor
Cryptocurrencies, led by Bitcoin, experienced a surge in value after the US Federal Reserve announced a 50 basis point rate cut. Bitcoin climbed nearly 6% to reach $63,800 before retracing slightly. Ethereum's ether also saw a 7% increase. Altcoins outperformed with Solana, Avalanche, and Aptos seeing gains of 10%-15%. Crypto-focused stocks and bitcoin miners also saw significant gains. The rally in crypto assets outperformed traditional financial assets such as the S&P 500 and Nasdaq. The rally could be attributed to lower interest rates, which make non-yielding assets like bitcoin and gold more attractive. Bitcoin's rally faces a key obstacle at the $64,000 level, but options traders are anticipating higher prices in the coming month. October historically brings the greatest returns for bitcoin, with an average monthly return of 23% and a Q4 tally of 88% gain.
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