Bitcoin, Ethereum, Dogecoin Cheer Fed's Decision Erasing Early Losses: Close Above $61.5K Is A 'Resumption Of Bull Market,' Says Trader

Benzinga09-19 03:26

Cryptocurrency markets are trading relatively flat after the Federal Reserve announced a 50 basis points cut, making risk assets more attractive. CryptocurrencyPriceGains +/-Bitcoin BTC/USD$60,376.37-...

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Transactions greater than $100,000 increased from 7,579 to 8,280 in single day. Exchanges netflows narrowed by 238%.\nCoinglass data shows 56,823 traders were liquidated in the past 24 hours for $124 million.\nHODL15Capital noted that U.S. Bitcoin ETFs continue to buy more than 100% of newly mined BTC. The ETFs bought 2,921 Bitcoin yesterday vs. 450 mined.\n\nNotable Developments:\n\nRevolut Plans To Launch Stablecoin: ‘Crypto Is Part Of Our Belief In Banking Without Borders’\nJamie Dimon Says JPMorgan Is Likely ‘One Of The Bigger Users’ Of Blockchain Technology, But Calls Cryptocurrencies A ‘Pet Rock’\nEthereum Co-Founder Says Donald Trump Is ‘Certainly The Favorite’ Over Kamala Harris For Crypto\nHamster Kombat To Launch Game Development Ecosystem, Aiming To Onboard ‘Next Billion’ Into Web3\nMicroStrategy Raises $875M In Convertible Notes, Plans Further Bitcoin Purchases\nShiba Inu Team Says Launching K9 Finance Liquid Staking On Shibarium Tomorrow: Are SHIB Burns Set To Accelerate From Here On Now?\n\nTop Gainers:\nCryptocurrencyPriceGains +/-Nervos Network CKB/USD$0.01754  +10%Fantom FTM/USD$0.6171+8.2%BinaryX BNX/USD$1.56+7.8%\nTrader Notes: Crypto chart analyst Ali Martinez predicts that today's close above $61,500 \"could signal the resumption of the bull market! Uptober.\"\n\n#Bitcoin attempts to break through an important trend line. Closing today above $61,500 could signal the resumption of the bull market! #Uptober 👀 pic.twitter.com/CU2a38Jsdh— Ali (@ali_charts) September 18, 2024\nAnother trader Satoshi Flipper calls this FOMC decision bullish for risk assets like Bitcoin and crypto assets. He added that 50 basis points is more bullish than 25 basis points.He concluded, \"cost of borrowing just got even cheaper, hence companies will make more and have more capital available for investing in BTC/risk assets.\"  Another crypto trader, More Crypto Online, predicts that a \"break above yesterday’s high would open the door to $67,000.\" He called the price action a good reaction to the support zone and bulls need to hold above the trend channel for further upside momentum.  Crypto Bully provided both long and short trade plans for Bitcoin. Suggesting how to trade, \"Look for a retest with good volume to long towards $61,500 for a continuation long.\"\n\n$BTC Update: Both Long and short trade plans– Powell says that 50bps rate cuts should not be seen as the norm going forward, also says labor market bears close watching– BTC just following equities the entire day today. Open Interest up 4% since FOMC number release– Both… pic.twitter.com/nchUhNYRWD— Crypto Bully 🔥 (@BullyDCrypto) September 18, 2024\n\nWhat’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.\nRead Next: \n\nWhale Games: Bitcoin Trader Takes $11.6M Profit But Guess How Much More They’re Sitting On\n Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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