đđWill Bitcoin and Altcoins Continue to Rise? đđ
Bitcoin$BTC
is currently trading at $ 63,000, while altcoin markets are relatively calm. While volume declines are observed as usual on weekends, BTC's closing above $ 61,700 offers promising signals for the coming days. After a long-standing downtrend, many analysts had expressed expectations for a 23-day rise, comparing it to similar periods in the past. As of September 7, Bitcoin started this rise and its price increased by $ 9,800, making an 18 percent gain. There were some important developments that affected the market during this process.
The 50 basis point interest rate cut announced on Wednesday was a significant development for the markets. With the FED starting to cut interest rates, it is expected that cuts of 25 basis points and above will continue in the coming period. On the positive side, the FED will need convincing data to pause interest rates; therefore, negative inflation data for one or two months may not cause a big problem.
Maintaining the $63,000 level over the weekend increases the potential for Bitcoin to test the $65,700 and $70,000 levels. If a positive scenario occurs, gains exceeding 20 percent may be possible in altcoins.
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