Bitcoin Price Rises After Rate Cut: Will Another Rally Begin? 😱🔥📊📈🚀🚀#BinanceTurns7 #TopCoinsJune2024

Bitcoin price started another rally above the $60,500 resistance. The Fed cut rates by 0.50%, which led to a rally in BTC towards $62,500. 🔥

Bitcoin price rises by 5% 🚀🔥

Bitcoin price remained supported above the $58,500 level. BTC formed a base and started another rally above the $60,000 resistance area after the Fed surprised with a 0.50% rate cut. 🔥

There was a clear move above the $60,500 level. There was a break above a small descending channel with resistance at $60,000 on the hourly chart of BTC/USD. The price tested the $62,500 resistance zone. A high was formed at $62,535 and the price is currently consolidating gains. 🔥

Technical indicators: 🔥🔥

Hourly MACD – The MACD is now gaining momentum in the bullish zone. 🔥

Hourly RSI – The RSI for BTC/USD is now above the 50 level. 🔥

Major support levels – $61,250, followed by $60,850. 🔥

Major resistance levels – $62,500, $63,200. 🔥 $BTC