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If Bitcoin maintains its position above $64,000, altcoins such as MATIC, SUI, RENDER, and TAO could experience upward momentum. Bitcoin's recent surge, which saw it rise more than 9% this week, is attributed to increased investor interest following the Federal Reserve's announcement of its first interest rate cuts since 2019. This development has bolstered the bullish sentiment across the cryptocurrency market.
{Bitcoin} BTC price hit a new local high of $62,323 on Bitstamp after the Fed's announcement. Federal Reserve Chair Jerome Powell indicated a forthcoming adjustment in monetary policy, which was well-received by the market. Powell's statement at the Jackson Hole symposium, signaling a potential start to a period of lower interest rates, has contributed to increased demand for Bitcoin in the U.S. CryptoQuant's Julio Moreno noted a significant spike in Bitcoin demand following the Fed’s signal.
The technical analysis indicates that Bitcoin must maintain its position above $62,000 to avoid a potential retracement to lower support levels. The cryptocurrency recently crossed above the 50-day simple moving average, suggesting a reduction in bearish pressure. If Bitcoin remains above this average, it may rally towards $70,000. However, failure to sustain above key moving averages could result in a decline to critical support levels.
Turning to altcoins:
- Polygon (MATIC): After rebounding above the $0.49 level, Polygon shows signs of a bullish crossover in moving averages. If the price remains above support at the 20-day exponential moving average, it could rise towards $0.75. Conversely, a drop below the moving averages could lead to a decline to $0.39.
- Sui (SUI): Sui has bounced off the 20-day EMA, signaling strong buying interest. If it breaks through resistance near $1.11, it may advance towards $1.44. A decline below the moving averages could see the price drop to $0.71.
- Render (RENDER): Render's recent rally and breakthrough of moving averages suggest weakening bearish control. Continued support above the 20-day EMA could push the price toward $7.26 and $8. A slide below the 20-day EMA, however, could lead to a fall to lower support levels.
- TAO: The TAO token is attempting to overcome resistance at $361. Success in breaking this level could indicate the start of a new uptrend, potentially reaching $440 and $500. If the price fails to sustain above $361 and falls below moving averages, it may decline to $250 and further to $200.
