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Cryptocurrency News Articles
Bitcoin (BTC) Appears Positioned to Rally Following China's Recent Announcement of a Pandemic-Level Stimulus Package
Sep 27, 2024 at 03:04 am
Bitcoin appears positioned for a potential rally following China's recent announcement of a pandemic-level stimulus package. This development, alongside recent interest rate cuts by the US Federal Reserve, has contributed to a macro environment that could push Bitcoin to new all-time highs.
Bitcoin (BTC) appears poised for a potential rally following China’s recent announcement of a pandemic-level stimulus package. This development, combined with recent interest rate cuts by the US Federal Reserve, contributes to a macro environment that could propel Bitcoin to new all-time highs.
China’s latest liquidity injection
The People’s Bank of China (PBOC) unveiled plans to infuse around $140 billion into the economy by cutting the reserve requirement ratio by 50 basis points.
Following previous stimulus efforts, Bitcoin’s price has been observed to increase by over 100%. Some analysts speculate that the latest injection of liquidity could have a similar effect.
Moreover, the rise in M2 money supply and global liquidity index further supports the possibility of upward movements in Bitcoin’s price, as these factors have been historically linked to asset price gains.
Technical indicators show potential for gains
From a technical perspective, Bitcoin has broken out of a falling wedge pattern, which is often interpreted as a bullish reversal signal. This breakout has generated momentum, pushing the price toward a key resistance level at $64,500.
Analysts suggest that if Bitcoin manages to break through this level and establish support, it could pave the way for a move to new highs.
If we flip the red line, new #Bitcoin ATHs are imminent! pic.twitter.com/kHRdBSrgWz
— Crypto Rover (@rovercrc) September 26, 2024
Additionally, the Relative Strength Index (RSI), has shown upward movement after a period of decline, indicating renewed strength in Bitcoin’s price. Some projections suggest that this could lead to a price increase to around $85,000 by the end of the year, contingent on the continuation of favorable market conditions.
#Bitcoin $85,000: Intermediate Target 🎯
The Weekly RSI breakout signals an explosive move by the end of the year for #BTC. 🚀 pic.twitter.com/M7slgFSCop
— Titan of Crypto (@Washigorira) September 21, 2024
Global stimulus and Bitcoin’s market performance
Expanding liquidity has been observed to support Bitcoin’s performance, particularly during periods characterized by low interest rates and inflationary pressures.
However, it is crucial to note that while stimulus measures can positively impact Bitcoin’s price, they are not the sole determinant. Various other factors, including institutional adoption, technological advancements, and macroeconomic conditions, collectively influence its price movements.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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