Global easing trend begins, BTC approaches $65,000
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Global easing trend begins, BTC approaches $65,000
China's proactive monetary measures, coupled with the Federal Reserve's recent 50-basis-point interest rate cut, signal a global trend toward monetary easing.
Navigating Web3 tides with focused insightsBy BitpushNews
As the People's Bank of China unveiled a package of stimulus measures, financial markets regained optimism.
According to Bitpush data, Bitcoin fluctuated around $63,200 before breaking through the $64,000 resistance level. At the time of writing, it was trading at $64,440, up 1.8% over 24 hours.
The rally in altcoins continued, with the majority of the top 200 tokens posting gains.
Echelon Prime (PRIME) recorded the largest gain, rising 21.3%, followed by dogwifhat (WIF) up 14.9%, and Altlayer (ALT) up 12.4%. The biggest losers were Aave (AAVE), down 6.6%, Catizen (CATI) also down 6.6%, and MX Token (MX) falling 5.3%.
The total market capitalization of the cryptocurrency market currently stands at $2.25 trillion, with Bitcoin’s dominance at 56.3%.
In U.S. equities, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all closed higher on the day, up 0.25%, 0.20%, and 0.56% respectively. Spot gold extended its record-breaking rally, surpassing $2,660 per ounce for the first time in history.
Global Easing Trend
A Tuesday report from the Conference Board showed consumer confidence in the United States dropped sharply in September, with the overall index falling from 105.6 to 98.7—the largest monthly decline since August 2021.
Amid this news, expectations for another 50-basis-point rate cut by the Federal Reserve at its November meeting rose from 50% the previous day to 61%, according to CME FedWatch data.
Analysts at QCP Capital noted that China's proactive monetary measures, combined with the Fed’s recent 50-basis-point rate cut, signal a global easing trend that could soon provide support for risk assets including cryptocurrencies.
Best September Ever?
Although Bitcoin started September on a weak note, it has rebounded 7.25% so far this month and is now on track for its strongest September performance in history.
From a technical perspective, Joel Kruger, market strategist at LMAX Group, said Bitcoin’s initial resistance lies at $65,000: "We need to see a clear break above this psychological barrier to trigger the next leg upward and retest—then surpass—the all-time highs."
Many analysts expect bulls to easily overcome the $65,000 mark in the coming months, especially if Bitcoin closes September on a positive note. Historical data suggests that when Bitcoin posts gains in September, it typically performs strongly in the fourth quarter.
"October and November are historically the best months for crypto assets, so the market should be looking forward to the start of Q4," Kruger concluded.
Crypto analyst Will Clemente wrote: "It's psychologically difficult to shift from protecting profits during volatility to letting winners run. In my view, a definitive change in BTC market structure above $65,000 is the threshold for increased risk appetite and a shift in this bias."
Data from CoinGlass shows that as prices remain range-bound, liquidity for both long and short positions in BTC/USD order books on exchanges continues to build, with $62,000 and $65,000 remaining key levels watched by traders.
Prominent trader Daan Crypto Trades expressed optimism about the next move: "The bulls know where the liquidity is. Breaking above $65,000 will create higher highs and flip the market structure. After that, the $70,000 level becomes very viable—it holds significant liquidity too. But we’ll take it one step at a time."
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