Bitcoin’s failure to maintain above the psychologically crucial $60,000 level shows that buying dries up at higher levels. The nervousness could be due to the uncertainty regarding the extent of the rate cut by the Federal Reserve on Sept. 18 and the subsequent reaction by the markets. Some analysts believe the rate cuts will be bullish for the crypto markets.

Trading firm QCP Capital told its Telegram channel subscribers to prepare for complementary scenarios for risk assets and cryptocurrencies. “Despite some short-term uncertainty and potential drawdowns, we still favor locking in yields ahead of the rates cut and positioning for bullish scenarios,” the firm said. However, not everyone is positive about the rate cut. A few believe that an aggressive rate cut signals deeper concerns in the economy.

Bitcoin has pulled back below the 20-day EMA ($58,338) on Sept. 16, indicating that the bears are applying pressure. If the price turns up from the current levels, the bulls will make one more attempt to drive the BTC/USDT pair above $61,200. If they succeed, the pair could start a rally to $65,000.

A break and close above $65,000 will negate the lower highs formation on the pair, which is a positive sign. Conversely, a close below the 20-day EMA could tug the price to the vital support zone between $55,724 and $52,550.

Lastly please check out the advancement’s happening in the cryptocurrency world

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