CandleFocus Bitcoin Price Surges After Fed Rate Cut: New Rally Ahead?
2024-09-19
Author: Content Editor
The price of Bitcoin has seen another increase, surpassing the resistance level at $60,500 and reaching towards $62,500. This surge was sparked by the Federal Reserve's surprise decision to reduce rates by 0.50%. Bitcoin has formed a base above the $58,500 level and is now trading above the $60,500 level and the 100 hourly Simple Moving Average. The next key resistance levels are at $62,200 and $62,500. If Bitcoin fails to break above the $62,500 resistance, it could start a downside correction, with immediate support at $61,750. The technical indicators, including the MACD and RSI, suggest a bullish trend for Bitcoin.
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