CandleFocus Bitcoin Price Analysis: The Fed Cut Rates, Now What’s Next for BTC?
2024-09-18
Author: Content Editor
Bitcoin's price is showing signs of breaking above the $60,000 resistance level after a period of consolidation. However, it still needs to surpass the 200-day moving average near the $64,000 level to start a new long-term rally. The 4-hour chart suggests that it's only a matter of time before the $60,000 resistance is broken, leading to a potential rally towards the significant $64,000 resistance area. The BTC exchange supply ratio has been declining since February, indicating heavy accumulation during the consolidation period, which could contribute to a new rally if there is sufficient demand.
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