- Driven by renewed bullish sentiment, the total cryptocurrency market capitalization surged by $58 billion, approaching the $2.11 trillion resistance level.
- Bitcoin breaks above $61,725 and is targeting $65,292 but there is a risk of a pullback if the momentum fails to sustain.
- SEI surged 25% to $0.337 but needs to hold the $0.309 support level to sustain gains, otherwise a drop to $0.258 is possible.
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The total cryptocurrency market capitalization (TOTAL) is on the verge of crossing a key level, while the price of Bitcoin has already crossed a key level. However, the highlight of the day was SEI as the Altcoin gained 25% in 24 hours.
Fed cuts rates
On September 18, the Federal Reserve cut its benchmark interest rate by 50 basis points, the first rate cut in more than four years. The move marked the beginning of an easing cycle aimed at boosting the economy ahead of the November presidential election.
The Fed’s decision had a positive impact on Bitcoin, with the price of Bitcoin rising 4% following the Fed’s announcement.
The Fed's forecasts also suggest the central bank could cut interest rates further, potentially to 4.4% by the end of the year. This prospect has further bolstered the cryptocurrency market as investors seek assets like Bitcoin that tend to perform well in times of low interest rates.
Trump buys burgers with Bitcoin
Former US President Donald Trump recently made news for using Bitcoin to buy a burger at a bar in New York City. The $998.70 transaction was completed via the Strike app on the Bitcoin Lightning Network, marking the first time a former US president has made a purchase using cryptocurrency.
The incident is seen as part of Trump's evolving strategy toward digital assets, which he has currently adopted as a campaign strategy for the 2024 election.
Bitcoin price breaks through key barrier
The price of Bitcoin is currently trading at $62,070, having successfully breached the $61,725 resistance level for the second time in over a month. The move could pave the way for BTC to climb to $65,000, sparking optimism among investors.
The market’s anticipation for a rebound could push Bitcoin’s price further up. The next key resistance level is at $65,292, where many investors may choose to take profits, leading to potential price volatility.
However, as Bitcoin has previously retreated below $61,725 after a similar rally, the possibility of a repeat of this pattern cannot be ruled out. This would invalidate the current bullish outlook and result in potential losses.
SEI impresses investors
SEI’s price has outperformed all top 100 cryptocurrencies, surging to $0.337, up 25% in just one day. This impressive rally has recently made SEI one of the best performing Altcoin, attracting the attention of traders and investors. The large price swings indicate growing confidence in the asset, but its next move will be crucial to maintaining the momentum.
Currently, SEI is looking to establish support at $0.309. Finding this support level will be crucial to sustain the bullish momentum, especially if investors start taking profits. If SEI holds this level, the Altcoin is likely to continue to rise and could potentially reach $0.395, which is an important target for the short-term outlook.
However, if SEI fails to maintain the $0.309 support, it could lose momentum and fall below $0.300. Such a scenario would invalidate the current bullish outlook and push the price down to the $0.258 support, raising concerns about further downside for the Altcoin.
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