Bitcoin Price Prediction: BTC Rises Above $62K After Fed Cuts Rates by 50 Bps As Traders Rush To Buy This ICO With A 1,095% APY
The Bitcoin price surged almost 3% in the last 24 hours to trade at $62,026 as of 00:22 a.m. EST on trading volume that surged 15% to $45.6 billion. The broader market also climbed about 2% after the Federal Reserve Bank’s Federal Open Market Committee (FOMC) meeting announced an interest rate cut of 50 basis points, the first in more than four years. Bitcoin Price Bullish – Can The Bulls Sustain The Trend? The Bitcoin price has been on a sustained trend since September 7, soaring through a markup phase, according to data from GeckoTerminal . The BTC resistance around $60,700 allowed the price of Bitcoin to form a complete cup and handle pattern. BTC price finally breached the resistance and is poised for a continued bullish trend. The Bitcoin price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the bullish stance. Moreover, the Relative Strength Index (RSI) is soaring towards the 70-overbought region, currently at 66, show...