Bitcoin surged past $63,000 after a Fed rate cut, with experts predicting a potential bull market soon.A Major Rally in the Following Days?
Despite not starting September on the right foot, Bitcoin experienced an uptrend following the US Federal Reserve’s decision tointerest rates by 0.5%. The price of the primary cryptocurrency is was hovering at around $59,000 on September 18 , while currently it trades at over $63,000.Multiple industry participants think BTC is gearing up for a much more impressive surge in the near future. One example is Crypto Rover .
Increased open interest combined with the rallying price of BTC generally indicates a bullish trend as more traders supposedly enter the ecosystem with long positions. However, if the metric heads north while the asset’s valuation is declining, it might suggest that market participants jump on the bandwagon with short positions, expecting a further plunge.Sign-up FREE to receive our extended weekly market update and coin analysis report
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