{"id":424716,"date":"2024-09-19T00:30:08","date_gmt":"2024-09-18T19:00:08","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=424716"},"modified":"2024-09-18T15:58:39","modified_gmt":"2024-09-18T10:28:39","slug":"why-is-bitcoin-up-today-this-could-be-a-key-reason","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-is-bitcoin-up-today-this-could-be-a-key-reason\/","title":{"rendered":"Why is Bitcoin up today? THIS could be a key reason"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitcoin hit a new monthly high ahead of Fed&#8217;s decision.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC whales doubled down on BTC despite short-term term market uncertainty.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> hit a new monthly high of $61.3K on the 17th of September, just a few hours before the Fed&#8217;s decision on the 18th of September. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">BTC has recovered about 14% from its early August lows and was back at its previous range lows.\u00a0<\/span><\/p>\n<figure id=\"attachment_424719\" aria-describedby=\"caption-attachment-424719\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-18_10-14-53.png\"><img decoding=\"async\" class=\"size-full wp-image-424719\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-18_10-14-53.png\" alt=\"Why is Bitcoin up today\" width=\"1950\" height=\"907\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-18_10-14-53.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-18_10-14-53-300x140.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-18_10-14-53-1024x476.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-18_10-14-53-768x357.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-18_10-14-53-1536x714.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-18_10-14-53-1200x558.png 1200w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-424719\" class=\"wp-caption-text\">Source: BTC\/USD, TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Expectations of a potential Fed interest rate cut partly boosted the recent BTC uptick. Last week, U.S. economic data confirmed a disinflationary trend, while the US labor market stagnated. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This has tipped some policymakers and U.S. politicians to call for a 0.75% Fed rate cut to cushion the labor markets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, interest rate traders were pricing a 63% chance of 0.50% (50 bps) Fed rate interest cut. This was a massive U-turn from a 14% chance of a 50 bps rate cut seen a week ago.\u00a0<\/span><\/p>\n<figure id=\"attachment_424721\" aria-describedby=\"caption-attachment-424721\" style=\"width: 1306px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Wednesday-FOMC-meeting.png\"><img decoding=\"async\" class=\"size-full wp-image-424721\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Wednesday-FOMC-meeting.png\" alt=\"Why is BTC up today\" width=\"1306\" height=\"720\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Wednesday-FOMC-meeting.png 1306w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Wednesday-FOMC-meeting-300x165.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Wednesday-FOMC-meeting-1024x565.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Wednesday-FOMC-meeting-768x423.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Wednesday-FOMC-meeting-1200x662.png 1200w\" sizes=\"(max-width: 1306px) 100vw, 1306px\" \/><\/a><figcaption id=\"caption-attachment-424721\" class=\"wp-caption-text\">Source: CME FedWatch<\/figcaption><\/figure>\n<h2><strong>Impact of interest rate cuts<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Market observers agree that Fed interest rate cuts are structurally bullish for risk markets, given relatively cheaper credit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, some have opined that a 50 bps cut was an aggressive move that would signal the Fed&#8217;s concern about the economy. This might not be good for risk assets like crypto in the short term.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the meantime, whales seemed well positioned for the Fed rate decision. CryptoQuant founder Ki Young Ju <\/span><a href=\"https:\/\/x.com\/ki_young_ju\/status\/1836270155976052779\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">noted<\/span><\/a><span style=\"font-weight: 400;\"> BTC whales have aggressively accumulated BTC in the past six days amid an intensifying <\/span><a href=\"https:\/\/ambcrypto.com\/bitcoin-exchange-deposits-plummet-to-six-year-low-what-it-means-for-btc\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">supply<\/span><\/a><span style=\"font-weight: 400;\"> shock.\u00a0<\/span><\/p>\n<figure id=\"attachment_424726\" aria-describedby=\"caption-attachment-424726\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTC-demand-scaled.jpeg\"><img decoding=\"async\" class=\"size-full wp-image-424726\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTC-demand-scaled.jpeg\" alt=\"BTC up today\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTC-demand-scaled.jpeg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTC-demand-300x169.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTC-demand-1024x576.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTC-demand-768x432.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTC-demand-1536x864.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTC-demand-2048x1152.jpeg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTC-demand-1200x675.jpeg 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-424726\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Additionally, U.S. spot BTC ETFs showed increased demand, with a $186.76 million net daily inflow on Tuesday. This reinforced investors&#8217; risk-on mode ahead of the Fed decision.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, at the time of writing, the demand from U.S. investors wasn\u2019t too strong, as illustrated by a negative reading from the Coinbase Premium Index.\u00a0<\/span><\/p>\n<figure id=\"attachment_424727\" aria-describedby=\"caption-attachment-424727\" style=\"width: 4000px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Coinbase-Premium-Index-3.png\"><img decoding=\"async\" class=\"size-full wp-image-424727\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Coinbase-Premium-Index-3.png\" alt=\"BTC up today\" width=\"4000\" height=\"2250\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Coinbase-Premium-Index-3.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Coinbase-Premium-Index-3-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Coinbase-Premium-Index-3-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Coinbase-Premium-Index-3-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Coinbase-Premium-Index-3-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Coinbase-Premium-Index-3-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Coinbase-Premium-Index-3-1200x675.png 1200w\" sizes=\"(max-width: 4000px) 100vw, 4000px\" \/><\/a><figcaption id=\"caption-attachment-424727\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This demonstrated short-term market uncertainty amid a potential first Fed rate cut since 2020. Whether the risk-on approach seen from U.S. spot BTC ETF investors will persist after the Fed decision remains to be seen.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s price printed a new monthly high, tipped by Fed rate cut expectations and whale demand. <\/p>\n","protected":false},"author":79,"featured_media":424731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427,6425],"class_list":["post-424716","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why is Bitcoin up today? 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