Bitcoin, Ethereum, Dogecoin Hold On To Gains Made After Fed’s Rate Cut Signal: Analyst Sees No ‘Significant’ Resistance For King Crypto Until $85K
By Benzinga
Leading cryptocurrencies consolidated over the weekend after the Federal Reserve’s dovish signal spurred a rally.
| Cryptocurrency | Gains +/- | Price (Recorded 9:15 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.16% | $64,196.74 |
| Ethereum (CRYPTO: ETH) |
-0.22% | $2,755.76 |
| Dogecoin (CRYPTO: DOGE) | -1.35% | $0.1104 |
What Happened: Bitcoin briefly hit $65,000 Sunday before relegating to the $64,000 region, where it fluctuated for most of the weekend. Ethereum also pulled back from $2,790 to settle around $2.750.
The total cryptocurrency liquidations hit $74.33 million in the last 24 hours, with long liquidations accounting for $48.22 million.
Bitcoin’s Open Interest remained flat, rising just 0.18% in the last 24 hours
The Cryptocurrency Fear & Greed Index flashed “Greed” as of this writing, reflecting a marked improvement from last week’s “Fear” sentiment.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Artificial SuperIntelligence Alliance (FET) | +8.65% | $1.36 |
| Bittensor (TAO) | +4.97% | $351.85 |
| Sei (SEI) | +4.89% | $0.3548 |
The global cryptocurrency market stood at $2.25 trillion, following a marginal drop of 0.63% in the last 24 hours.
Stock futures were broadly flat Sunday evening. The Dow Jones Industrial Average Futures gained 0.04% as of 9 p.m. EDT. Futures tied to the S&P 500 added 0.08%, while Nasdaq 100 Futures ticked 0.15% higher.
The market was upbeat after Fed Chair Jerome Powell delivered a clear message about lowering interest rates next month.
According to the CME FedWatch tool, investors have priced in a 61% chance of the central bank cutting rates to 5%–5.25%, down from the current 5.25%–5.5%.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely-followed cryptocurrency trader Poseidon stated that their bias would remain bullish as long as Bitcoin stays above $60,000.
“I don’t see any significant resistance until we reach $85,000,” the trader remarked.
Prominent cryptocurrency analyst Rekt Capital drew attention to the historical post-halving price trajectory of Bitcoin, based on which they projected the leading cryptocurrency’s breakout from the ongoing consolidation phase by late September.
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Photo courtesy: Shutterstock
