Bitcoin Reaches New Highs Thanks to the Fed

The recent decision by the U.S. Federal Reserve to lower its interest rates acted as a shot in the arm for Bitcoin.

Bitcoin trading, much like trading any volatile asset, can result in both impressive gains and substantial losses. Short-term traders, constantly monitoring the market, experience the sharp market fluctuations firsthand. But on the other extreme are HODLers, who patiently await price changes.

Recently, Bitcoin’s price surged past the $62,000 mark, generating palpable excitement within the crypto community. But how far will it go?

Bitcoin Reaches New Highs Thanks to the Fed

The U.S. Federal Reserve’s decision to lower interest rates acted as a shot in the arm for Bitcoin. With lower borrowing rates, the appeal of risky assets like crypto intensified, allowing Bitcoin to breach the $62,000 level.

According to data from IntoTheBlock, nearly 88% of Bitcoin HODLlers are currently registering paper profits, while the rest are at breakeven. Even better, no one is in the red as of now, which bolsters investor confidence. Among them, Jelle, an avid user claims that “the 3-day bullish divergence is unfolding, and it doesn’t seem to be over yet.” Here are some interesting numbers to better understand:

The Crypto Wave is Just Getting Started

The bullish wave shaking the crypto market isn’t limited to Bitcoin. Tron (TRX) is also showing impressive progress, with 94% of its holders in profit.

However, Bitcoin draws so much attention partly due to the growing optimism surrounding a potential new bull run. Some analysts predict that if the leading crypto manages to surpass $65,000, a genuine bull run could commence.

Crypto traders from all corners are keeping a close watch on this key resistance. Analyst Ali Martinez had already warned, “A close above $61,500 could reignite the bull market.”

However, although Bitcoin ended the day below this threshold, the community remains resolutely optimistic. After all, October, dubbed “Uptober” by some, might still hold many surprises.

Furthermore, if you are new to the crypto world, this guide will be a valuable ally to help you better manage trading risks.

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose