#Token2049 #FOMC #BinanceLaunchpoolHMSTR #BinanceLaunchpoolCATI #BinanceLaunchpoolCATI Bitcoin's price surge is indeed attributed to the anticipated Federal Reserve rate cut, with a 62% likelihood of a 50-basis-point decrease Âč ÂČ. This has historically led to cryptocurrency bull runs, and with Bitcoin's average Q4 gains standing at 88.84%, the outlook seems promising Âč ÂČ.
Currently, Bitcoin is trading at $60,801.33, slightly dipping by 0.23% [your update]. The 24-hour high and low stand at $61,075.39 and $59,174.80, respectively, with volumes spiking over 26,000 BTC in 24 hours [your update].
*Key Resistance Levels:*
- _Immediate Resistance:_ $61,343
- _Further Upside Potential:_ $62,393 and $63,402
- _Support Levels:_ $58,955, $58,100, and $57,354 Âč ÂČ
The 50-period EMA at $59,248 offers solid support, and as long as Bitcoin holds above this level, the upward trend remains intact Âč ÂČ. However, it's essential to watch for signs of overbought conditions in the near term.
Keep in mind that cryptocurrency markets can be volatile, and it's crucial to assess your risk tolerance and consider risk management strategies.
