1. Bank of Japan’s Steady Interest Rates

On September 20, Bitcoin’s price rose by approximately 2.5%, reaching over $64,000 after the Bank of Japan decided to maintain steady interest rates. This came after the central bank had increased rates in August, which had negatively impacted Bitcoin prices. The unchanged rates in Japan are favorable for investors, who can continue borrowing yen at lower costs and reinvesting in higher-yielding assets like Bitcoin, benefiting from cheaper liquidity.

2. Federal Reserve’s 50 bps Rate Cut

The U.S. Federal Reserve’s recent 50 basis points rate cut on September 18 also contributed to Bitcoin’s price surge. The rate cut makes traditional safer investments less attractive, encouraging investors to take on riskier, high-yielding assets like Bitcoin. This dovish stance from the Fed is boosting speculative investments, as borrowing costs remain low, pushing demand for Bitcoin higher.

3. Bitcoin Futures Open Interest and Funding Rates

Bitcoin’s rise is further supported by increasing open interest (OI) in its futures market, which indicates more capital flowing into Bitcoin. As of September 20, the total unsettled Bitcoin futures contracts were around $34.39 billion, the highest since August 26. This increase signals that traders are positioning themselves for further price increases. Additionally, funding rates have turned positive, suggesting a shift toward a more bullish market outlook. More traders are willing to pay the funding costs to hold long positions, expecting the price of Bitcoin to rise further.

Overall, the combination of these favorable economic conditions and positive market sentiment is pushing Bitcoin prices higher as traders feel confident in holding and increasing their positions.

The post Why Bitcoin Price is Up Today? 20 September 2024 appeared first on Coin Engineer.

Currently, Bitcoin has a band level between 30.000$ and 30.400$. USA exchanges will open for trading within the week. This factor may affect Bitcoin price positively. Additionally, some events also which will happen next week may affect the market structure and movement.

You might also like: Binance lays off over 1,000 employees. CZ declared.

A list of some important events for the crypto market in the next week in the USA and Europe:

United States:

1. NY Empire State Manufacturing Index – 17 July 16:30 (Forecast: -4.3; Prior: 6.6)
2. Retail Sales Ex Gas/Autos MoM – 18 July 16:30 (Forecast: -; Prior: 0.4)
3. MBA 30-year Mortgage Rate – 19 July 15:30 (Forecast: -; Prior: 7.07)
4. Continuing Jobless Claims – 20 July 16:30 (Forecast: 1730K; Prior: 1729K)

Europe:

1. Inflation Rate MoM&YoY Final 19 July 13:00 (Forecast: 5.5; Prior: 6.1%)
2. Core Inflation Rate YoY Final 19 July 13:00 (Forecast: 5.4; Prior: 5.3%)

Note: Every date has a UTC clock type.

Bitcoin and Some Main Altcoins’ State

Bitcoin’s (BTC) price is about 30.300 at the writing moment. On the last day, Bitcoin price dropped by %3.5 and a hit of daily low. Hence, the resistance level for BTC is located at 30.870-32.100$. But the support level on the 29.800$ – 29.620$.

Ethereum’s (ETH) price dropped by %0.04 and reached to 1931$ level. In this manner, resistance levels are $1975 – $2023. Additionally, support lines are drawing from $1821 to $1776.

Solana’s (SOL) price is increased by %2.08. Right now Solana’s price is $28. The resistance levels for SOL are $29.05 – $ 34.07. The support levels are $25.94 – $21.57.

Ripple (XRP) price is increased by about %60 this week. XRPs price is $0.74. The resistance level for XRP is $0.76 – $0.77. The support levels are $0.68 – $0.71.

Bitcoin and Cryptocurrencies price is almost stable this weekend. If you are an active trader or thinking about buying them should follow the economic calendar and support-resistance levels.

If you want to buy Bitcoin or these altcoins you can use cryptocurrency exchanges. Furthermore, if you want to get a %20 discount on the fee payments, don’t forget to interact with the link and sign up on these exchanges.

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The post The Latest State on Bitcoin and Cryptocurrencies Price – 16 July appeared first on Coin Engineer.