Hassan Maishera
TL;DR
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Bitcoin topped the $26k resistance level last week and has maintained its position over the weekend.
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Market experts believe that rate cuts could help the crypto market record higher gains in the future.
Bitcoin Trades Above $26,400
Bitcoin, the world’s leading cryptocurrency by market cap, is trading above $26,400 today. This comes despite Bitcoin losing 1% of its value over the last 24 hours.
Bitcoin pulled back from the sub-$24k level last week and rallied past the $26,700 level on Friday.
The rally came after the US Federal Reserve paused its interest rates hike, allowing the market to take a breather.
Bitcoin maintained its price above the $26k level over the weekend despite the bearish sentiment in the market.
Market experts believe that while the interest rates hike pause has given the market a breather, the Federal Reserve needs to cut rates to enable the market to record a massive rally.
Joe DiPasquale, the CEO of crypto fund manager BitBull Capital, told CoinDesk that;
“With Fed having left interest rates unchanged, the environment appears supportive for crypto assets to start rallying again. However, the Fed went ahead to add that rate cuts were not on the horizon in the near term, which saw the market struggling. “For now, however, all eyes are going to be on Bitcoin, especially as its dominance has been on the rise due to selling pressure in altcoins. As long as the market leader maintains the range between $20k - $22k, bulls shouldn’t be overly concerned.”
The total cryptocurrency market has shed 0.35% of its value, with the total cryptocurrency market cap now at $1.07 trillion.
