TechFlow news, according to a recent report by cryptocurrency research firm EMC Labs, after the Federal Reserve cut interest rates by 50 basis points, market reaction remained generally stable, and Bitcoin (BTC) may be entering the second half of a bull market.
The report showed that in the first week following the U.S. rate cut on September 18, BTC rose 7.54% for the week, closing at $63,577.66 with slightly increased trading volume. BTC's daily chart has broken through multiple moving averages, indicating the market is moving past divergence and establishing a trend.
In the short term, BTC has climbed above its 200-day moving average, but still needs to break through the downward trend line. The range of $64,000–$66,000 will be a key level to determine whether the market can surpass previous highs.
In terms of capital flows, ETFs and stablecoins saw a net inflow of $931 million this week—lower than the prior week but still maintaining positive inflows. Supply analysis reveals a "shift from long to short" phenomenon, where long-term investors are beginning to modestly reduce holdings while short-term investors increase theirs, consistent with early-stage bull market characteristics. The EMC BTC Cycle Metrics indicator stands at 0.25, suggesting bull signals require further activation.
