Bitcoin made people smile two weeks later: Expectation increased!

2024-09-13 22:55:50

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The leading crypto Bitcoin (BTC) has surpassed $60,000 for the first time since August 29th.

BTC, which has risen over 4% in the last 24 hours, has given hope to investors. As the cryptocurrency market heats up, all eyes are now on the upcoming Fed interest rate decision next week.

On the last trading day of the week, BTC started to rise. Crypto analysts indicated that potential bottom levels were completed, and the price started to recover.

Spot Bitcoin ETFs traded in the US reported a net inflow of $263 million the other day.

Bitcoin focused on the US

Positive consumer and producer inflation data from the US prepared the ground for the rise of Bitcoin (BTC). While consumer inflation fell to an annual rate of 2.5 percent, producer inflation increased by 0.1 percent monthly. Economists evaluating this data expressed a common view that the Fed will cut interest rates by 0.5 basis points in September.

For two years, it has been expected that the Fed would cut interest rates and start monetary easing. For the first time since the Covid-19 period, a sharp drop in inflation has been seen in the US.

BTC, preparing for the process of monetary easing, is awaiting the FOMC meeting next week. On Wednesday, September 18, at 21:00 Turkish time, the Fed interest rate decision will be announced and FOMC economic plans will be revealed.

It is expected that BTC will make a strong start to the new week as it maintains the $60,000 level over the weekend. According to analysts, the rise of BTC this week is pricing in the Fed’s interest rate cut next week.

Bitcoin can break the “September curse”

Amid speculation that the bear market would occur in September, the price of Bitcoin reached $60,000. With this rise, BTC’s September performance turned into a 1.51% increase.

If BTC closes above $60,000 for the month, it will end the ‘September curse’ drop cycle. As we know, BTC has completed 8 negative Septembers out of the last 11 years.

The green color of September in the monthly performance table was positively received.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.

BTC2,92%

G3,61%

KT-0,21%

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