Is Everything Starting Over Again? Why Is Bitcoin Rising?

Julio Moreno, who works at CryptoQuant, said the following in his X post on August 24:

Bitcoin demand in the US increased today as the Fed signaled the start of a cycle of lower interest rates.

This view put forward by Moreno was based on the Coinbase Premium Index, which shows the difference between the Bitcoin price on Coinbase Pro and Binance, and the demand difference between investors outside the US and investors in the US.

The indicator was seen to have reached its highest level since July 15 and had a value of 0.0114. While a positive outlook indicates buying pressure, a negative outlook indicates that a sell-off may already be taking place. Just before August 5, when Bitcoin's price fell incredibly and fell below $ 50,000, the Coinbase Premium indicator had fallen below -0.10.

According to data provided by CoinMarketCap, as of writing time, Bitcoin has found buyers at $64,281 after a 5.46% increase since August 23. The price of Bitcoin reached $64,769 last seen on August 2 during the night and then in the morning hours, and then visited $65,000 in the futures market.

Just hours before the announcement that the minutes would be shared by the Fed, Bitcoin was finding buyers around $60,000, and miners were concerned about potential selling pressure due to the cost of Bitcoin mining remaining at $72,224.

Crypto analyst Will Clemente made the following statement on August 23:

There are still 7 days left in the month, but it is impossible to deny that the market has been seeing BTC under $60,000 as value for 6 months.