Bitcoin Rebounds Above $114K as Market Sentiment Shifts; Maxi Doge Presale Gains Traction
New York, NY – september 30, 2024 – Bitcoin surged past $114,000 today, marking a significant intraday recovery and pushing the total cryptocurrency market capitalization back above $3.9 trillion. The rally coincides with a broader positive trend across conventional markets, fueled by a recent rate cut from the Federal Reserve and growing investor risk appetite.
BTC closed near $113,985 after briefly hitting $114,309, with traders now watching $108,000 as a key support level and $114,309 as immediate resistance. A stronger ceiling is anticipated near $117,000. Ethereum and XRP also experienced gains, rising 2.44% and 0.89% respectively.
The positive momentum isn’t limited to crypto. The S&P 500, Nasdaq, and gold are all trading in the green, with the US Treasury’s gold holdings now exceeding $1 trillion in value.
Fed Rate Cut Ignites Risk-On Sentiment
Analysts attribute the market upswing to the Federal Reserve’s 25-basis-point rate cut, which has lowered borrowing costs and encouraged investment in higher-risk assets. This shift in monetary policy is benefiting not only established cryptocurrencies like Bitcoin but also altcoins and emerging projects, including new meme coins currently in presale.
One such project attracting significant attention is maxi Doge ($MAXI), which has already raised $2.6 million in its presale phase.
BTC Consolidates Amidst Growing Risk Appetite – A Boon for Altcoins?
While Bitcoin enjoys a bullish moment, technical indicators suggest a period of consolidation may be ahead. The RSI is currently neutral, the ADX remains below 20 (indicating a lack of clear trend), and the 50-day EMA is still above the 200-day
