Bitcoin: The world of cryptocurrencies has always been exciting. It sees fluctuations every minute, keeping investors’ hearts racing. The biggest discussion right now is regarding the Federal Reserve’s interest rate decision. Its decision is due today, and the market is fully anticipating it. Consequently, all eyes are on major coins like Bitcoin and Ethereum.
Bitcoin’s Strong Performance and Investor Expectations
The possibility of a 25-basis-point rate cut from the Federal Reserve is considered almost certain. This expectation has strengthened Bitcoin, which currently holds above $117,000. Ethereum is also slowly moving towards $4,500.
Experts believe that Fed Chairman Jerome Powell’s statement will be crucial. His guidance will determine whether this level will rise further or a correction will occur once again.
Vikram Subburaj, CEO of Giottus, says traders are preparing for a rate cut, and this could be the start of a long-awaited easing cycle. He believes that if the $114,000 level holds and stablecoin inflows continue, the market could see a significant rally.
Bitcoin’s next target near $119,000
Bitcoin has gained approximately 5% in the past few days, and its next target is now considered to be between $118,400 and $119,250. It is currently trading near $117,310, while its market capitalization remains stable at $2.23 trillion.
Mudrex CEO Edul Patel says that gold’s record rally is also supporting Bitcoin’s strength. If it stays above $118,000, new all-time highs are likely to be reached in the coming weeks.
Technical Levels and Support Zones
Riya Sehgal, research analyst at Delta Exchange, believes that if Bitcoin closes above $116,850, the next wave of bullish momentum could extend to $119,000. However, if there is a rejection, support levels like $116,250, $115,200, and $112,500 will be the next targets to watch.
Slight Strength in Ethereum
Ethereum is also slightly slower than Bitcoin. Its price is currently trapped within a descending triangle pattern. $4,470 is strong support, while $4,550 could push it higher. Currently, Ethereum is trading at $4,547, with a daily volume of approximately $35.91 billion.
Market experts believe that Ethereum’s position is positive in the short term. If it crosses $4,800, a significant rally is possible, while the $4,200 to $4,400 zone will remain its support.
Altcoin Market Movement
Not only Bitcoin and Ethereum, but the altcoin market has also seen tremendous activity. According to CoinMarketCap data, MYX Finance (MYX) has seen a spectacular 44% rally. Coins like Story (IP), Aethir (ATH), Sky (SKY), PancakeSwap (CAKE), and Filecoin (FIL) have risen by up to 9%.
On the other hand, coins like Pump.fun (PUMP), TRON (TRX), Toncoin (TON), and Pi (PI) have fallen by up to 6%. This volatility has brought both new opportunities and challenges for investors.
Regulatory and Technology News
Regulatory and technology concerns are also circulating in the crypto world. The US SEC has postponed its decision on the Truth Social Spot Bitcoin ETF and is now seeking public comment. Meanwhile, the UK and US are preparing to jointly form a new regulatory agreement on stablecoins.
Meanwhile, Bitwise and Tuttle Capital have filed several new ETFs that will include investment products related to stablecoins and tokenization. The most exciting news is the partnership between Google and Coinbase, which will enable crypto payments through an AI-powered payment protocol in the future.
A Big Question for Investors
The biggest question now is whether this rally is just a short-term rally or whether Bitcoin and Ethereum are about to embark on a new, long-term bull run. If the Federal Reserve’s decision and Jerome Powell’s guidance are positive, investors could see historic highs in the coming days.
The crypto market is always fraught with uncertainty. However, in the current situation, both Bitcoin and Ethereum are filling investors with hope. Events like rate cuts, gold’s surge, and massive Bitcoin withdrawals from exchanges indicate that the path to a bull run may be clear. However, every investor must proceed with caution and prudence.
Disclaimer: This article is for informational and educational purposes only. The information provided herein is not investment advice. Investing in cryptocurrencies can be risky, so do your research and seek expert advice before investing.
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