CandleFocus Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears – Bitfinex
2024-09-24
Author: Content Editor
Bitcoin has experienced a 22% rally in the past two weeks, reaching a high of $63,200, following a drop to $52,000 on September 6. The rally was largely attributed to the Federal Reserve's decision to cut interest rates. However, Bitcoin is still below a critical resistance level of $65,200, and failure to breach this level may confirm a downward trend since its all-time high in March. The recent price movement may be driven by speculative trading in futures and perpetual contracts rather than strong demand in the spot market. The report suggests that while increased speculative interest could be beneficial, caution is advised in the absence of sustained bullish momentum.
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