**Bitcoin Surges Amid Fed Rate Cut and Job Market Optimism**
Bitcoin (BTC) jumped by 6% to a three-week high near $63,500 after the US Federal Reserve cut interest rates by 0.50% on Sept. 18. This boost was further fueled by a positive job market report showing unemployment claims at a four-month low.
Despite the rally, Bitcoin bulls are cautious, with derivatives metrics indicating hesitation to increase leveraged positions, keeping the $62,000 support level under pressure.
US stock markets also benefited, with the S&P 500 hitting an all-time high. Fed Chair Jerome Powell reassured investors, stating the economy is in good shape and the rate cut is a sign of confidence.
However, the upcoming US presidential election could impact the global economy more significantly. Billionaire Ray Dalio expressed concerns about societal challenges and the high cost of living.
Bitcoin traders remain cautious, with a stable funding rate and a reduced demand for downside protection, suggesting comfort with the $62,000 support level.
