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- Bitcoin Soars as Fed Slashes Rates – Is $65K Next?
Bitcoin Soars as Fed Slashes Rates – Is $65K Next?
Bitcoin surged past $62,600 after a historic 0.5% rate cut by the Federal Reserve, leaving traders wondering if $65,000 is within reach as market volatility heats up.
Steven Walgenbach
September 19, 2024
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Breaking Crypto Stories
Here are the top stories today:
Bitcoin Hits Three-Week Highs as Fed Announces Historic 0.5% Rate Cut
Decentraland’s X Account Hacked: Phishing Scam Targets MANA Token Holders
SEC Takes Historic Action Against “Pig Butchering” Crypto Scams, Targets Fake Platforms
Question of the Day
Was the rate cut a panic move?
✂️Bitcoin Hits Three-Week Highs as Fed Announces Historic 0.5% Rate Cut
Bitcoin surged to $62,600 following a rare 0.5% rate cut by the Federal Reserve, liquidating short positions and sparking market speculation about upcoming price movements.
The U.S. Federal Reserve initiated a 0.5% interest rate cut, a rare and significant policy shift, boosting Bitcoin to three-week highs of $62,600.
The rate cut led to the liquidation of $128 million in short BTC positions as traders scrambled to adjust to the sudden market shift.
While resistance remains strong, analysts predict Bitcoin could surpass $62,500, with further price action hinging on upcoming central bank decisions and market liquidity.
🐟️Decentraland’s X Account Hacked: Phishing Scam Targets MANA Token Holders
Blockchain security firm PeckShield warned that Decentraland’s official X account was compromised, with attackers promoting a phishing scam disguised as a MANA token airdrop.
Decentraland's X account was hacked, and scammers are promoting a fraudulent MANA token airdrop, tricking users into connecting their wallets and compromising their funds.
PeckShield advised users to avoid engaging with Decentraland's account or clicking any links until the platform confirms the issue is resolved.
The incident reflects a growing trend of crypto scammers targeting social media accounts, with the latest posts designed to prevent users from detecting the scam by disabling comments.
💓SEC Takes Historic Action Against “Pig Butchering” Crypto Scams, Targets Fake Platforms
The SEC has launched its first-ever enforcement against crypto “pig butchering” scams, targeting fake exchanges NanoBit and CoinW6, which allegedly defrauded investors out of $3.2 million.
The SEC has charged five entities and three individuals connected to fake crypto platforms NanoBit and CoinW6, marking the agency's first crackdown on these types of scams.
Scammers posed as young professionals on social media, building trust with victims before defrauding them through fake crypto investment products and blackmailing them with threats to expose personal messages.
The SEC aims to impose penalties, permanent injunctions, and disgorgement of funds from both entities for violating securities law and running unregistered securities schemes.
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Bitcoin (BTC)
Price Movements: Bitcoin's recent price action shows an upward trend, with BTC closing at $62,086 in the latest session. Despite the steady rise, the price is approaching critical resistance levels that will determine the next significant move. Overall, Bitcoin's bullish momentum remains intact, but traders should be cautious as it nears key levels that could trigger either a breakout or a pullback.
Key Levels to Watch: Bitcoin faces immediate resistance at $63,437, with stronger resistance at $64,315. If these levels are breached, the next target for bulls could be the $64,220 zone. On the downside, Bitcoin's nearest support lies at $60,898, followed by $60,308 and $60,246. A failure to hold above these supports could signal a potential trend reversal.
Trade Strategies: Traders looking to go long could enter if Bitcoin breaks through the $63,437 level with strong momentum, targeting a further move past $64,315. Meanwhile, short sellers might consider opportunities around these resistance zones if BTC struggles to advance, setting stop-losses around the support levels at $60,898 or $60,246. As always, traders should monitor technical indicators for signs of momentum shifts before executing trades.
Notcoin (NOT)
Price Movements: Notcoin has shown steady upward price action recently, with a gradual rise in its closing prices, hinting at a potential bullish breakout. The market is gaining momentum, supported by positive technical indicators like the moving averages and MACD, both pointing toward short-term upward momentum. However, while the market sentiment leans bullish, traders should be cautious as the price approaches critical resistance zones that could either trigger a continuation or lead to a pullback.
Key Levels to Watch: Key resistance levels for Notcoin include $0.00789, $0.00801, and $0.0083. If the price manages to break these levels, a further rally could be expected. On the downside, support is strong at $0.00765 and $0.00753. These levels are critical for traders, as a breach of resistance could signal a bullish breakout, while a break below support could lead to a downward trend. The RSI approaching overbought conditions suggests that a price correction might occur soon if the buying momentum slows down.
Trade Strategies: For those looking to go long, a break above the $0.00789 resistance presents a possible entry point, with profit targets near $0.00801 and $0.0083. However, traders should also consider short positions if the price fails to maintain its upward momentum and drops below the $0.00765 support. In either case, risk management is crucial, as Notcoin’s price could shift quickly due to market sentiment changes. Traders should monitor the moving averages and MACD signals to gauge the strength of the trend.
Solana (SOL)
Price Movements: Solana (SOLUSDT) has been on a bullish trajectory in recent sessions, with recent closing prices showing consistent upward momentum. The price has now reached $138.95, driven by improving technical indicators that suggest further gains may be ahead. The recent price action has been supported by the convergence of key moving averages, particularly the 9 EMA and 20 EMA, signaling growing strength in the current trend.
Key Levels to Watch: Traders should keep an eye on key resistance levels at $139.43, $140.61, and $142.12, as these points could dictate Solana's next major move. Breaking above these levels would signal a potential continuation of the bullish trend. On the downside, support is found at $138.30, $137.91, and $135.41. If the price falls back to these levels, traders might look for potential reversals or breakdowns, which could provide entry points for short trades.
Trade Strategies: For those looking to enter long positions, an upward break above $139.43 offers a solid opportunity, with potential targets around $142.12. Short traders may want to wait for signs of rejection at the resistance levels and aim for exits near the $135.41 support level. The MACD histogram is showing bullish divergence, while the RSI remains at healthy levels, suggesting there’s still room for upward movement without entering overbought territory.
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