Overnight, Bitcoin returned to $60,000 and gold also soared, successfully breaking through the 2,500 range.
In just one week, Bitcoin has surged 15% since it tested the key $52,500 level again on September 7.
Although it is unclear how much short positions are trapped, it is certain that investors who hold full positions must have enjoyed the entire wave of gains.
The US stock market stabilized, and the big cake took off
Yesterday, people were still worried about whether there would be a "Black Friday" market, but the U.S. stock market performed unexpectedly strongly after opening, and the slight increase provided an excellent opportunity for Bitcoin.
BTC took advantage of the trend to break through the intraday pressure level of $59,700 and continued to climb after the U.S. stock market closed, breaking through the $60,000 mark in one fell swoop. It is currently trading sideways around $60,500.
As long as the U.S. stock market remains stable, Bitcoin will naturally not deviate from the mainstream trajectory. Since the Bitcoin ETF landed in the U.S. stock market, Bitcoin's trend has closely followed the U.S. stock market. Every policy adjustment of the Federal Reserve has a profound impact on the U.S. stock market, and then affects the global Bitcoin market. The United States has added another powerful tool to its harvesting tools in the global market!
As for today's market analysis, judging from the K-line chart, the 1-hour level has entered a high sideways phase, showing a downward trend.
However, the 4-hour, 12-hour and daily levels all show an upward trend. The intraday pressure level is set at $52,110 and the support level is $58,400. Before the rate cut is implemented, it is still recommended to focus on long orders and seize the opportunity of rising.
Next week on September 18, the Federal Reserve will detonate the interest rate cut bomb, and market expectations have surged!
With the recent easing of inflation and rising unemployment in the United States, the Federal Reserve is under pressure to cut interest rates more aggressively. Market expectations are rising rapidly, and everyone is speculating whether the Federal Reserve will take more aggressive interest rate cuts in next week's decision.
According to CME data, the market currently believes that the Federal Reserve has a 59% probability of cutting interest rates by 25 basis points, and the possibility of cutting interest rates by 50 basis points is as high as 41%.
This change is in stark contrast to market expectations after the release of the U.S. consumer inflation report on Wednesday, when almost everyone agreed that the Fed would choose a modest 25 basis point rate cut. This drastic shift in expectations may trigger sharp market fluctuations and deserves close attention!
The top 4 altcoins that have increased 20-100 times during the bull market!
1. TREES
Meme coins on the Solana chain are on fire! SOL leads the market craze as a super public chain, and BOME, as the second meme coin to explode on the SOL chain, is experiencing a continuous hype frenzy.
BOME is known as the "SHIB" of the Frogcoin sector, and its performance in the secondary market of the cryptocurrency circle is quite eye-catching. This project not only has frequent actions and always maintains high popularity, but also cleverly uses high-frequency updates to enhance its own attention and market consensus. If a project does not actively do things, it is difficult to attract enough attention.
Judging from the daily chart, BOME is still in the bottom area. As long as Bitcoin does not fall sharply, this position may become the bottom of BOME.
Now is a great time to gradually buy at the bottom. Investors can seize this opportunity and look forward to the potential for future explosion.
2. BABY
Judging from the price action, Pepe (PEPE) is gaining the most from the bullish tailwinds of the Ethereum ETF.
Currently, PEPE is consolidating in a tight range, suggesting that a breakout may be imminent, a breakout that could further propel its price higher.
This consolidation range often signals an upcoming major up move, so this is a key time to watch closely.
As the cryptocurrency market environment continues to improve, PEPE may soon see a surge. This bullish sentiment is also driven by various political changes, such as Donald J. Trump's announcement that the United States will build a global cryptocurrency center and plans to clear obstacles by firing the current SEC Chairman Gary Gensler and appointing a more cryptocurrency-friendly head. The increase in political support has boosted the regulatory atmosphere and market sentiment.
As a result, innovation and growth in the cryptocurrency space becomes possible, and meme tokens such as PEPE will benefit from it.
If PEPE breaks above the current resistance at $0.0000100 and the volume remains strong, it is expected to trigger a sustained bullish run. The next target will be $0.0000139, after which new highs are likely to be created.
3.ORDI
As the market shows signs of growth, ORDI has become the focus of attention due to its strong upward trend. Currently, ORDI is valued at $30, and has soared 480.53% in the past year, and investors' bullish sentiment is obvious. The Fear and Greed Index is also 77, showing the extremely greedy state of the market.
ORDI is trading well above its 200-day simple moving average, leading by 87.18%, which indicates exceptionally strong performance. In addition, the token’s high liquidity and significant market capitalization further confirm its market position.
With a solid foundation and strong community support, ORDI shows great potential for future growth. Forecasts show that by 2024, with the cooperation of other networks, ORDI's price has the potential to soar to $42.51. This forecast highlights the confidence in ORDI's future development and indicates unlimited possibilities for its future success.
4.PEOPLE
Although the creation of the PEOPLE token was originally tied to the bid for a copy of the U.S. Constitution, even if the bid fails, the PEOPLE token’s position in the market will remain secure.
The current trading price of PEOPLE tokens is stable and continues to attract investors' attention. With the popularization of the concept of decentralized autonomous organizations (DAOs) and the increase in community-driven projects, the value of PEOPLE tokens is expected to increase further.
The PEOPLE token has no floor price and is closely correlated with ETH, which makes it easier to pull up given its smaller market cap.
Recently, the PEOPLE token has easily risen by more than 10 points. As a representative of the US election sector, the PEOPLE token is expected to continue to be hyped before the end of the US election in November. The current market value has reached 400 million, and its cost-effectiveness is very worthy of attention.
