{"id":7945,"date":"2024-09-19T02:35:57","date_gmt":"2024-09-19T02:35:57","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7945"},"modified":"2024-09-19T02:35:57","modified_gmt":"2024-09-19T02:35:57","slug":"bitcoin-price-surges-after-fed-rate-cut-new-rally-ahead","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7945","title":{"rendered":"Bitcoin Price Surges After Fed Rate Cut: New Rally Ahead?"},"content":{"rendered":"

Bitcoin price started another increase above the $60,500 resistance. The Fed reduced rates by 0.50%, sparking a bullish wave in BTC toward $62,500.<\/em><\/p>\n

Bitcoin is gaining pace above the $60,200 resistance zone.
\nThe price is trading above $60,500 and the 100 hourly Simple moving average.
\nThere was a break above a short-term declining channel with resistance at $60,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend gains if it stays above the $60,500 support zone.<\/p>\n

Bitcoin Price Surges By 5%<\/h2>\n

Bitcoin price remained supported<\/a> above the $58,500 level. BTC formed a base and started another increase above the $60,000 resistance zone after the Fed surprised with a 0.50% rate cut.<\/p>\n

There was a clear move above the $60,500 level. There was a break above a short-term declining channel with resistance at $60,000 on the hourly chart of the BTC\/USD pair. The price tested the $62,500 resistance zone. A high was formed at $62,535 and the price is now consolidating gains.<\/p>\n

There was a move below the $62,000 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $59,164 swing low to the $62,535 high.<\/p>\n

Bitcoin is now trading above $60,500 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $62,200 level. The first key resistance is near the $62,500 level. A clear move above the $62,500 resistance might start a steady increase in the coming sessions.<\/p>\n

<\/a><\/p>\n

The next key resistance could be $63,200. A close above the $63,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,500 resistance.<\/p>\n

Are Dips Supported In BTC?<\/h2>\n

If Bitcoin fails to rise above the $62,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $61,750 level.<\/p>\n

The first major support is $61,250. The next support is now near the $60,850 zone or the 50% Fib retracement level of the upward move from the $59,164 swing low to the $62,535 high. Any more losses might send the price toward the $60,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $61,250, followed by $60,850.<\/p>\n

Major Resistance Levels \u2013 $62,500, and $63,200.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started another increase above the $60,500 resistance. The Fed reduced rates by 0.50%, sparking a bullish wave in BTC toward $62,500. Bitcoin is gaining pace above the $60,200 resistance zone. The price is trading above $60,500 and the 100 hourly Simple moving average. There was a break above a short-term declining channel with […]<\/p>\n","protected":false},"author":0,"featured_media":7946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7945"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7945"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7946"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}