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📈 Bitcoin positioned for gains 

Word On The Street: Bitcoin's price is facing potential downside pressure ahead of the U.S. Federal Reserve’s September 18 interest rate decision.

The details:

• Bitfinex analysts highlight that the market reaction will depend on whether the Fed opts for a 25 or 50 basis point rate cut.

• A smaller cut might lead to cautious de-risking, while a larger cut could spark bullish optimism.

• Interestingly, Bitcoin recently recovered above $60,000, marking the first time since August 30.

Why it matters: If the Fed’s rate cut aligns with historical patterns, Bitcoin could be poised for a three-month rally. October, November, and December have traditionally been bullish months for BTC, potentially setting the stage for a rally above $92,000

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Other News

50 days until US election, crypto Super PAC pours $7.8M into Senate races. Crypto interest groups could determine whether Democrats or Republicans have a majority in the US Senate in 2025 by backing candidates in crucial November races.

Crypto Broker DeltaPrime Drained of Over $6M Amid Apparent Private Key Leak. The project is offered on both Arbitrum and Avalanche blockchains. Monday’s exploit impacted only the version on Arbitrum as of European morning hours.

MicroStrategy announces third debt offering of 2024, plans to raise $700M. The proceeds will be used to pay off $500 million in existing debt and to purchase more Bitcoin. MicroStrategy currently holds 244,800 BTC.

Ether-Bitcoin Ratio Drops to Lowest Since April 2021. Here’s Why It Matters. Analysts suggest the ETH/BTC ratio might drop further, potentially to the 0.02-0.03 range, unless there's a significant change in investor sentiment or regulatory clarity that might favor riskier assets.

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Reports from our analysts today:

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TRADERS CORNER
💸 Bitcoin Technical Analysis

Bitcoin (BTC) is currently trading at $58,998.38, slightly below the middle line of the Bollinger Bands, indicating potential bearish sentiment.

Trend Analysis:

Bitcoin has experienced a recent pullback after a short-term rally. The Bollinger Bands are starting to widen, suggesting increased volatility. The price has moved below the middle band (20-period SMA), indicating a bearish bias in the short term.

The BBP value of -345.61 is deeply negative, reflecting a strong bearish momentum.

Support and Resistance:

- Support: Immediate support is at $58,960.16, near the lower Bollinger Band. A break below this level could see the price testing the next support around $58,500.

- Resistance: The key resistance level to watch is $59,383.51, aligned with the upper Bollinger Band. A break above this level could lead to a test of $60,000.

Scenarios:

- Bullish: If Bitcoin breaks above $59,383.51, it could signal a potential reversal. A confirmed breakout with higher volume might drive the price towards $60,000.

- Bearish: If Bitcoin fails to hold the $58,960.16 support and drops further, it could target the next support at $58,500. A sustained decline below this level could indicate further downside potential.

Bitcoin currently shows signs of bearish momentum, with key levels at $59,383.51 and $58,960.16 to watch for possible breakouts. Traders should monitor these levels closely for future movements.

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