After the US Federal Reserve (Fed) cut interest rates by 0.50% on September 18, Bitcoin (BTC) rose by 6%, taking its price to a three-week high of $63,500. However, derivatives metrics suggest that Bitcoin bulls are hesitant to increase leveraged positions, putting the $62,000 support level under pressure.

The US unemployment claims report was released on September 19, with jobless claims falling to a four-month low of 219,000. This development boosted investor sentiment. Fed Chair Jerome Powell said the US economy is in good shape and the rate cut is a sign of confidence.

In the Bitcoin derivatives market, the 8-hour funding rate remained stable at 0.005% between September 18 and 19, suggesting that retail investors are cautious about the price of Bitcoin. However, the put-call volume ratio in the Bitcoin options market has dropped to 0.54, indicating that investors are confident in the $62,000 support level.

What do you think about these developments? We are waiting for your comments.