CoinEx Research September 2024 Report: Fed’s Rate Cut Fuels Bitcoin Surge, Turning Recession Concerns into Market Optimism

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Oct 15 2024

BTC+4.62%

FB-2.16%

BANK+25.767%

Should l Buy BTC?

Market Overview: September 2024 saw a significant rally in the cryptocurrency market, driven by a 50 basis point rate cut from the Federal Reserve, which boosted Bitcoin's price from $52,700 to a high of $66,000, reflecting positive macroeconomic conditions despite recession risks and rising unemployment projections.
Technological Developments and Trends: The launch of Fractal Bitcoin's mainnet enhanced Bitcoin's efficiency, while meme tokens gained popularity through social media trends, although the Ton blockchain faced challenges with its new tokens. Overall, investor confidence remained strong as the market looked ahead to economic data and upcoming U.S. elections.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	43202.993	51601.496	60174.513	68573.016	77146.033	85544.536	94117.553
Fibonacci	51601.496	58084.617	62089.896	68573.016	75056.137	79061.416	85544.536

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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