Golden Finance reported that the latest report from cryptocurrency research institution EMC Labs pointed out that after the Fed's 50 basis point interest rate cut, the market reaction was generally stable, and Bitcoin (BTC) may be entering the second half of the bull market. The report shows that in the first week after the US interest rate cut on September 18, BTC rose 7.54% for the whole week, closing at $63,577.66, and the volume was slightly enlarged. BTC's daily line has broken through multiple moving averages, indicating that the market is moving out of divergence and forming a trend. In the short term, BTC has stood on the 200-day moving average, but it still needs to break through the downward trend line. $64,000-66,000 is an important point to judge whether the market can break through the previous high. In terms of capital flows, ETFs and stablecoins had a net inflow of $931 million this week, which was less than the previous week, but still maintained a positive inflow. Supply analysis shows that the market has a "long-to-short" phenomenon, with long-term investors starting to reduce their holdings slightly and short-term investors increasing their holdings, which is in line with the characteristics of the early bull market. The EMC BTC Cycle Metrics indicator is 0.25, and the bullish signal needs to be further activated.