Bitcoin Price Reaches $63K+ After The Fed Interest Rate Cut Announcement

Bitcoin price rose quite sharply after the Fed announced a rate cut. At the same time, whales sold BTC in large amounts. How does this affect the BTC price?

Bitcoin price soaring up The Fed officially announced an interest rate cut. After struggling to reach $60,000 for a long time, BTC has now jumped to more than $63K.

Understand the current BTC price chart analysis. And is it true that there is a whale who sells BTC in large quantities? Check out the reasons and implications for the crypto industry.

Current Bitcoin Price Chart

When this article was written on September 20, 2024, the price of BTC to USDT is soaring at $63,749 with an increase of +2.93% in the last 24 hours. In the same period, BTC reached its highest point at $64,133.

The Bitcoin price chart above is taken from Market Bitrue. It can be seen that the graph gives a very positive signal for the current condition of BTC. In fact, the RSI number is far above 50. With the number 71.71, buying BTC tokens is becoming a popular trend compared to selling it.

The MACD indicator is also rising above the border line. The gap between the two lines indicating that BTC will soon experience an impressive bull run.

Current technical analysis is quite impressive. However, seeing that the flow of crypto coin prices is always fluctuating, you can always do research before making an investment. You must always do the DYOR technique.

To make it easier for you to do independent research, the Bitrue website can help you. Because, Bitrue provides easy access for you to check the price conditions of BTC and other crypto coins in real time.

Whales Selling BTC in Large Amounts

When the price of Bitcoin finally reached more than $63,000, a whale actually sold the BTC tokens he owned. No half-hearted, whate sold up to 1,030 BTC with a selling value of approximately $64.3 million on one of the global crypto exchanges.

This action certainly attracts attention. Moreover, BTC token holders are having fun celebrating the increase in BTC prices. However, selling tokens when their value rises is actually common in the crypto industry. This is a strategy to make a profit, especially when the token holder buys it when the price drops.

However, the slightest movement from investors in the crypto industry certainly has an impact on the state of the token. So, what is the impact of selling this large amount of BTC? Pay attention to the following points.

1. BTC prices can change along with selling large amounts of Bitcoin and affect the existing RSI indicator2. This BTC sale can trigger BTC price volatility

BTC and Its Popularity

After the Fed announced it would cut interest rates by 50 bps, Bitcoin prices tended to rise. This could trigger an increase in the prices of other tokens as well so that the crypto industry experiences a positive price shift.

Bitcoin is called the king of crypto for a reason. The reason is, when the price of BTC experiences an increase or decrease, the prices of other tokens will also be affected, both in positive and negative directions.

Even though when the price drops or during the Bitcoin halving the price of alternative coins will tend to rise because BTC dominance falls, Bitcoin's popularity remains brilliant. This oldest token will still be suitable for investment purposes.

When you are interested in investing in BTC, you can learn how to buy Bitcoin. Check prices Bitcoin to USD It can also be used as primary research to check current prices so that you can determine the appropriate allocation of investment funds according to your abilities.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

This press release has also been published on VRITIMES