CryptoQuant: Bitcoin's "Profit Supply" Level Signals Further Rising Potential
2024-09-24 13:02:17
Cryptoquant note bitcoin price united states federal reserve rate cutdesk3cryptocurrencydesktopCrypto News
CryptoQuant noted that the price of Bitcoin rose nearly 8% after the US Federal Reserve cut interest rates by 50 basis points. Its "supply of earnings" indicator has broken through the 365-day moving average, indicating that further gains are possible in the future. The indicator shows that a growing number of bitcoin holders are in a profitable position, which may ease selling pressure and boost market confidence. However, Bitfinex analysts cautioned caution, noting that Bitcoin's rally was initially driven by cash market purchases, but a slowdown in this activity could lead to a consolidation or partial pullback in the short term.
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