2024-9-19 01:45 |
Bitcoin (BTC) experienced heavy volatility on Sept. 19 following the Fed’s FOMC meeting but maintained its position above the $60,000 threshold.
Fed chair Jerome Powell confirmed weeks of speculation by announcing a 50 basis point rate cut after four years of restrictive monetary policy.
According to the press release:
“The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.”
The policy shift comes after a prolonged period of rate hikes by the Fed, which raised interest rates to combat inflation throughout 2022 and 2023. The decision aligns with other global central banks, such as the European Central Bank, which has also lowered rates this year in response to easing inflation pressures.
Bitcoin holds $60kFollowing the Fed’s announcement, Bitcoin initially surged above $61,000, but the momentum reversed within an hour, taking prices below $60,000 before bulls initiated a reversal. Bitcoin traded within a relatively narrow range, with prices finding support around $59,000 and resistance near $61,230.
According to CryptoSlate data, the flagship crypto was trading at $60,469 as of press time, up 0.53% over the past 24 hours.
Despite the brief volatility following the FOMC announcement, Bitcoin has settled into a more stable zone. Key moving averages, including the 7-period moving average (MA) at $60,280.1 and the 99-period MA at $60,075.3, suggest that market sentiment is cautiously neutral.
Despite the current reversal, analysts warn that similar volatility may continue in the coming days. Historical patterns suggest that crypto markets often react strongly to macroeconomic news but may experience corrections as the market digests the longer-term effects.
Altcoins struggle to reboundAltcoins fared much worse over the day compared to Bitcoin, with most seeing losses and only recovering after the FOMC meeting.
Ethereum (ETH) traded below $2,300 for most of the day before attempting a recovery following the Fed’s announcement. As of press time, ETH was trading at $2,337, down 0.16% over the past 24 hours.
BNB fared a little better, up 0.88% over the past day to trade at $550.05, while Solana (SOL) reversed the day’s losses and was up 0.19% to $131.60.
Meanwhile, XRP was down 0.60% over the period and is currently priced at $0.581, while Dogecoin (DOGE) was trading at $0.1024, up 1.45%.
Toncoin (TON) saw a notable rise of 2.12%, reaching $5.63, whereas Tron (TRX) slipped by 0.54% and is currently valued at $0.1492. Rounding out the top 10, Cardano (ADA) inched up by 1.26% to $0.3375, and Avalanche (AVAX) showed a 0.01% decrease, trading at $23.86.
The post Bitcoin holds above $60k amid heavy volatility after FOMC confirms 50bp rate cut appeared first on CryptoSlate.
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