Bitcoin Rallies Above $64,000 as Fed Hints at Rate Cuts – Could We See a New High Soon?

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August 25, 2024 01:49 EDT

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Arslan Butt

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Arslan Butt is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners uate financial…

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August 25, 2024 01:49 EDT

Why Trust Cryptonews With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, continued its upward momentum, trading above $64,500 and reaching an intra-day high of $64,879. This bullish trend has sparked renewed investor optimism.

Earlier, Bitcoin surged past the $64,000 mark following Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole conference. Powell hinted at potential interest rate cuts and emphasized the need for policy adjustments.

⚡ JUST IN: $BTC breaks 64K! 📈 pic.twitter.com/1MbnZai4iG

— Athena Ventures Labs💛 (@Athena_VLabs) August 24, 2024

Powell expressed confidence that inflation is moving toward the Fed’s 2% target and suggested it might be time for a shift in monetary policy.

However, the timing and pace of rate cuts would depend on future economic data and the broader economic outlook.

Additionally, Bitcoin ETFs saw $36 million in inflows on Friday, further boosting BTC prices by increasing investor confidence. This influx reinforced bullish momentum and indicated strong market demand.

Bitcoin Jumps Over $64,500 After Powell Hints at Rate Cuts

Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole conference triggered a notable rally in the cryptocurrency market.

Powell hinted at possible interest rate cuts and emphasized the need for policy adjustments based on upcoming economic data.

This dovish outlook boosted investor confidence, helping Bitcoin surge nearly 5% yesterday, crossing the $63,000 mark, and continuing to climb above $64,500 today.

Powell’s Signal for Rate Cuts Ignites Major Cryptocurrency Market Rally#Federal Reserve Chair #Jerome Powell hints at rate cuts, driving a spike in the #cryptocurrency #industry. #Cryptomarket

— Cryptonewsland (@cryptonewsland) August 24, 2024

The Fed has been raising interest rates since March 2022 to combat inflation, but Powell’s suggestion of potential rate cuts signals a shift that could benefit riskier assets like Bitcoin.

Lower interest rates reduce borrowing costs, increase liquidity, and encourage investment in assets like cryptocurrencies.

Analysts from FRNT Financial believe that a weakening dollar, combined with expected rate cuts, could push Bitcoin to a new all-time high.

• Bitcoin gains momentum, surpassing $64,500.
• Lower interest rates could drive further crypto market rallies.

Bitcoin ETFs Surge with $252M Inflows as Ethereum ETFs Face Continuous Outflows

This week, the crypto ETF market has shown a stark contrast between Bitcoin and Ethereum. Bitcoin ETFs have seen strong and consistent inflows, marking seven consecutive days of gains.

The week began with $62.1 million in net inflows on Monday, led by BlackRock’s IBIT and Fidelity’s FBTC.

By August 24, total net inflows reached an impressive $252 million, with BlackRock, ARK 21Shares, and Grayscale Mini contributing significantly.

Bitcoin ETFs had a net inflow of $252 million yesterday 🔥

This week alone, #Bitcoin ETFs bought 𝟳𝟵𝟭𝟮 𝗕𝗧𝗖 𝘄𝗼𝗿𝘁𝗵 $𝟱𝟬𝟲.𝟰 𝗺𝗶𝗹𝗹𝗶𝗼𝗻.

This is the reason behind the #BTC pump above $64,500, as institutions have started accumulating BTC again 🚀 pic.twitter.com/dLYCqfSCNd

— Wise Advice (@wiseadvicesumit) August 24, 2024

In contrast, Ethereum ETFs have faced continuous outflows throughout the week. Starting with $13.5 million in outflows on Monday, driven mainly by Grayscale’s ETHE losing $20.3 million, the trend continued, leading to substantial net losses by the end of the week.

• Bitcoin ETFs see $252 million in inflows.
• Ethereum ETFs struggle with significant outflows.

This divergence highlights Bitcoin’s stronger market position, bolstering investor confidence and contributing to its ongoing price rally.

Bitcoin Eyes $65,400 as Bullish Momentum Builds Above $63,500

Bitcoin (BTC/USD) is showing promising signs of an upward movement as Doji candles have formed above the $63,500 level. This pattern suggests that bullish momentum could drive the price towards the $65,400 mark in the near term.

On the downside, immediate support is around $63,650, providing a safety net against potential short-term pullbacks.

Technical indicators further reinforce this optimistic outlook. The Relative Strength Index (RSI) is 68, indicating strong buying pressure without entering overbought territory.

Bitcoin Price prediction Additionally, the 50-day Exponential Moving Average (50 EMA) stands at $63,200, a supportive baseline for continued growth. These indicators collectively point towards sustained bullish sentiment among traders.

Conclusion: Bitcoin is expected to maintain its bullish trajectory above the $63,500 level. However, a break below this support could signal a temporary correction.

Bitcoin Adoption Soars as New Crypto Platform Launches with $730,000 Presale

As Bitcoin continues its upward momentum, a new project in the crypto space is making waves with a successful $730,000 presale launch.

The $13.5 billion market cap Bitcoin remains the dominant force in the crypto world, often referred to as the “digital gold” of the blockchain eco.

Capitalizing on Bitcoin’s prominence, a newly established platform, Crypto All-Stars, is revolutionizing the staking scene by integrating Bitcoin with some of the most popular meme coins in the market.

While Bitcoin itself isn’t a meme coin, its influence on the market is undeniable, and projects like Crypto All-Stars are leveraging this by offering innovative staking opportunities for Bitcoin holders alongside meme coins.

Since its launch last week, Crypto All-Stars has quickly attracted interest, raising $730,000 in its presale. The project’s strategic token allocation supports growth and sustainability, making it a compelling option for investors.

So, if you are a meme coin holder who wishes to put your money to work, Crypto All-Stars is a better option than SUn Wukong. Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.

Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all their development plans.

Join the Presale Here

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