Bitcoin is Back!! (above 60k)

Yesterday’s Morning Note covered the poor performance of 99% of the crypto market, with the standout exception being Fantom. At the time of publishing yesterday’s article, FTM was trading at $0.50, and as of writing today, it is trading at $0.57 (up 15%). To ensure you don’t miss opportunities and insights like this, subscribe to our Morning Note and have it delivered straight to your inbox.

Over the past 24 hours, we’ve seen a bounce in the crypto market, with BTC reclaiming $60,000 USD. The main standouts are FTM, TIA, and SUI, all up by around 15%.

The upcoming FOMC decision will be crucial and is likely to dictate the short-term direction of the market. Expect heightened volatility and take a cautious approach when considering any buy/sell moves. There is already significant speculation surrounding the size of the rate cut. A larger cut of 50-75 bps could spark a market rally, while a smaller cut of 25-50 bps may result in the market staying flat or possibly declining. The probability favors a larger cut; however, it’s wise to remain vigilant and flexible in response to these major decisions.

For those actively trading or investing, the decision is scheduled for 4 am AEST tomorrow, followed by a speech by Jerome Powell 30 minutes later. The decision and speech will help investors gauge the Federal Reserve’s stance and sentiment on future interest rate decisions.

*Exercise caution, though, as a key event in the FOMC decision is set to occur in less than 48 hours.*

BTC/USD Key Levels and Price Action:

The strong support at $57.7k provided an ideal bounce zone for purchasing BTC. We’ve seen BTC bounce and turn the $60.2k resistance level into support. It’s likely BTC will consolidate around this level until the interest rate decision early tomorrow morning. Leading up to and following the announcement, we can expect volatility, with BTC either rallying toward the next key target of $63.8k or potentially dropping back to $57.7k.

BTC Total ETF Flows for 17 Sep: $ - 96.3 million

ETH/USD Key Levels and Price Action:

ETH has begun to show some signs of recovery. While it remains relatively sideways between two levels, ETH has broken above both the 21 and 55 EMAs, resulting in a bullish crossover. Depending on the outcome of the rate decision, we could see ETH approach the resistance level of $2,556 or the support level of $2,171.

ETH Total ETF Flows for 17 Sep: $ -15.1 million

Written by Alexandar Artis

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