Bitcoin (BTC) Price Surges Past $60,000 Mark as US Crypto ETFs Conclude Recovery

With the rate cuts, the bullish wave spreads like wildfire, propelling Bitcoin and other markets higher. With Japan’s Nikkei and Nifty50 from India making a bullish comeback

The Federal Open Market Committee (FOMC) concluded its two-day meeting on Wednesday, announcing a widely anticipated 50-basis point cut in interest rates. This marks the first rate reduction by the Federal Reserve since the COVID pandemic began.

The decision was made in an effort to stimulate economic growth and bring inflation closer to the central bank's 2% target. The move is also intended to help offset the impact of rising prices on consumers and businesses.

Following the announcement, a bullish wave swept through the financial markets, buoyed by optimism over the rate cuts. This positive sentiment extended to the cryptocurrency sector, where prices experienced a collective surge.

With major stock indices in Japan and India, such as the Nikkei and Nifty50, respectively, also exhibiting strong gains, the price of Bitcoin (BTC) enjoyed a swift ascent.

Overnight, BTC price surged past the $60,000 level, continuing its upward trajectory. At the time of writing, BTC is trading at $61,933, poised to breach the $62,000 mark.

Over the last 24 hours, BTC has registered a 2.39% increase, while the seven-day price gain stands at 6.23%.

As the broader market recovered bullishly, top altcoins also experienced substantial growth. Among them, Ethereum (ETH) rose by 3.14%, BNB jumped by 2.51%, Solana (SOL) surged by 5.53%, and Toncoin (TON) rose by 3.97%.

Meanwhile, Dogecoin (DOGE), Ripple (XRP), and TRX witnessed minimal growth, ranging from 1% to 3%.

US Crypto ETFs Conclude Recovery

After four consecutive days of inflows, US spot Bitcoin ETFs turned negative on Monday, Sept. 18, with $52.7 million in outflows.

While Bitwise had $3.9 million in outflows, Grayscale’s Grayscale Bitcoin Trust (NYSE:GBTC) saw $8.1 million, and ARK21’s (NYSE:ARKF) ARKB saw the highest outflows at $43.4 million.

Sosovalue

However, the remaining ETFs had zero outflows, with Grayscale’s MiniBTC ETF surprisingly seeing $2.7 million in inflows.

On the other hand, the ETH ETFs also had a bearish day with $9.8 million in outflows, where Grayscale’s ETH Trust saw $14.7 million in outflows.

Meanwhile, BlackRock’s ETHA Fund had inflows of $4.9 million.

As 10 out of 11 US spot Bitcoin ETFs saw non-positive outflows on Monday, the sentiment quickly shifted after four days of recovery.

Bitcoin Price Performance

On the 4-hour chart, BTC price action shows a rounding reversal, preparing to challenge the $62,000 neckline.

Moreover, the recovery rally leads to a positive crossover between the 50 and 200 EMA, forming a golden crossover.

Tradingview

The recovery run encounters the 61.80% Fibonacci level at $62,600, hinting at a breakout rally.

Based on the Fibonacci levels, the breakout run may hit the 78.60% or 100% level at $65,600 or $68,500, respectively.

Conversely, the 50% Fibonacci level at $60,000 and the 38.20% level at $58,300 serve as crucial support levels.

The MACD indicator presents a bullish trend with an increase in positive histograms. As the recovery run gains momentum, BTC is likely to hit the $70,000 mark by the month’s end.

For those wondering if the uptrend will continue to scale to $100,000 by the end of 2024, check out Coinpedia’s Bitcoin Price Prediction for 2024 and years ahead.

Bitcoin Cash (BCH) Siphon’s Bitcoin’s Momentum Run?

With a falling wedge pattern on the daily chart, the BCH price trend shows a strong bearish influence. However, the recent bullish reversal from crucial support at $293 hints at a potential breakout.

As the recovery run gains momentum with the crypto market recovery amid rate cut optimism, it accounts for a 10% hike.

Tradingview

Despite crossing above the 50-day EMA, the bullish engulfing candle faces a rejection from the 200-day EMA. This overhead rejection stalls the bullish breakout and keeps the price action traders on a hook.

Based on Fibonacci levels, the uptrend in BCH price may reach the 23.60% and

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