According to TechFlow, the latest report from cryptocurrency research firm EMC Labs pointed out that after the Federal Reserve’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% throughout the week, closing at $63,577.66, with slightly larger volume. BTC 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 above 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 determine 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 seen a "short to long" phenomenon, with long-term investors starting to reduce their holdings slightly and short-term investors increasing their holdings, which is consistent with the characteristics of the early bull market. The EMC BTC Cycle Metrics indicator is 0.25, and the bull market signal needs to be further activated.