As the markets calmed down following the 50 basis point rate cut by the US Federal Reserve (Fed), Bitcoin surpassed $62,000 on September 19. Bitcoin, which continued to rise immediately after the interest rate decision, reached its highest level in three weeks.
Following this increase, investors who opened short positions suffered losses. According to CoinGlass data, a total of $128 million worth of Bitcoin short positions were liquidated in the 24 hours leading up to the writing of the article. CoinGlass warned investors on the X account to avoid leveraged transactions. Popular trader Jelle commented in a post on X, “Bitcoin is slowly breaking through the resistance level.”
“If we stay above $62,500, the situation will become much more positive. Targets above $65,000 in Bitcoin will no longer be safe. September will end in an interesting way.” After the Fed’s interest rate decision, the US Dollar Index (DXY) initially rose, but then returned to its previous levels.
“The index is sitting on the edge of support. A breakout could result in a sharp move to 96,” Aksel Kibar said in his latest DXY analysis on X. Former CEO of crypto exchange BitMEX Arthur Hayes noted that attention is now turning to the interest rate decision to be announced by the Bank of Japan on September 20. Hayes said that the course of the Japanese Yen will also affect the price of Bitcoin.
Following the decision, The Kobeissi Letter issued an important warning for risky asset investors. According to the post, although interest rate cuts may at first glance appear to increase liquidity, such moves ultimately result in losses for US stocks. “In 2001, the market fell 31% in 2 years, and in 2007, it fell 26%. These were major crises.”
Kobeissi noted a contradiction between the Fed’s optimistic message and the dose of monetary easing. “If the Fed started with only 50 basis point reductions during crises, why would it start with 50 basis points this time?” he asked. “The Fed continues to say the economy is strong and that there will be a soft landing. But its policy decisions are as if we are in a crisis. Something is wrong here.”
The odds of a 0.5% cut at the Fed's next meeting on Nov. 7 are lower than a smaller 0.25% cut, according to data from CME Group's FedWatch Tool.
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