Bitcoin Taps $117,000, Ethereum, XRP, Dogecoin Shine On Federal Reserve Rate Cut
Cryptocurrency markets surged following the Federal Reserve's 25-basis point rate cut, enhancing risk sentiment. Bitcoin reached $117,000, with analysts suggesting a breakout could lead to $120,000. Ethereum's chart indicates a potential drop to $4,570, while XRP shows signs of a breakout above $3.10. Dogecoin is also poised for upward movement. Notably, $400.85 million was liquidated from traders in 24 hours, and there were net outflows from Bitcoin and Ethereum ETFs.
Cryptocurrency markets rallied on Thursday morning after the Federal Reserve delivered its anticipated 25-basis point rate cut, lifting risk sentiment across digital assets
Notable Statistics:
- Coinglass data shows 107,269 traders were liquidated in the past 24 hours for $400.85 million.
- SoSoValue data shows net outflows of $51.3 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net outflows of $1.9 million.
Trader Notes: Crypto Caeser said that Bitcoin reclaiming $117,000 could mark a successful breakout and pave the way to $120,000, though another rejection risks a move back to lower support.
Daan Crypto Trades highlighted $118,000 as the critical level, a high-volume node and the top of the initial Powell rally after Jackson Hole's dovish talk. Holding above could quickly send BTC back to range highs.
Crypto chart analyst Ali Martinez noted the TD Sequential on Ethereum's chart is flashing a sell signal after calling the bottom. He predicts a potential drop toward $4,570.
Altcoin Sherpa said Solana is pressing against the long-standing $250 resistance from 2021. A breakout could trigger strong upside momentum.
Dark Defender pointed out XRP's strong daily RSI, with resistance at $3.10 weakening, suggesting a possible breakout above $3.1097.
Scofield highlighted that Dogecoin is preparing for its next leg higher.
- Two Polymarket Traders Bet $3 Million On Different Fed Rate Cuts As Bitcoin Hopes For Bullish FOMC Meeting
Image: Shutterstock
