CandleFocus

? Bitcoin Gains 5% to $61K Ahead of Fed, but Order Books Suggest Rally Could Be Capped

Author: Content Editor
Bitcoin led the crypto rally, reaching its highest price in September, while other altcoins such as ETH, SOL, XRP, ADA, and AVAX also saw moderate gains. However, significant sell orders for Bitcoin between $61,000 and $62,500 could cap further price increases. Market focus is now on the upcoming Federal Reserve meeting, where a rate cut is expected. Investors are uncertain about the size of the rate cut, with a 63% probability for a larger cut according to market expectations. The possibility of larger cuts could cause a panicky reaction in risk asset prices. However, historical comparisons suggest that real rates are at their peak and inflation is cooling, allowing for a speedier pace of cuts.

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