Alex Kuptsikevich, an analyst at FxPro, noted that the cryptocurrency market is currently in an active trading atmosphere, with its overall market value achieving a 3.2% increase in just 24 hours to $2.21 trillion, a performance that marks a renewed enthusiasm for challenging the local high of $2.27 trillion set a month ago. It is worth noting that the local low formed in early September is higher than the previous low, which is a sign that once the market successfully breaks through the recent price high, it may stimulate new buying momentum, indicating that the months-long downward trend is expected to be reversed.
Specifically for Bitcoin, its price is about to hit an emotionally significant technical level - the 200-day moving average, which also guards the high at the end of August. If Bitcoin can successfully break through this key resistance level, it will further open the door to the upper edge of the downward channel - the price of $66,000. More optimistically, once Bitcoin breaks through $68,000, it will mark the end of its long-term downward trend.
In addition, the improvement in market sentiment has also benefited Solana's token SOL, which has rebounded about 20% since the low before the Fed meeting. On the daily chart, the price of SOL has stabilized above the 50-day moving average, with the current price level close to $150, and is gradually approaching another important technical level-the 200-day moving average, which is located around $154.
