The cryptocurrency market is witnessing a price rise, with Bitcoin and other altcoins gaining momentum before a significant event — the signing of an executive order by President Trump.
Crypto Rally Before Trump's Order
Bitcoin ([BTC](https://crypto.news/price/bitcoin/)) reached a level of $116,500, the highest value this week, while the overall market capitalization of cryptocurrencies surpassed $3.83 trillion. A likely catalyst for the ongoing rally is an upcoming executive order from President Trump that will open access to alternative assets like cryptocurrencies and private equity for retirement funds, such as 401(k). This order could significantly unlock funds available in the crypto market.
Expectations for Federal Reserve Interest Rate Cuts
The cryptocurrency market is also strengthening amid growing expectations that the Federal Reserve might cut interest rates. Influential officials, including Neel Kashkari and Lisa Cook, have expressed support for rate cuts at the September meeting. Data from Polymarket and CME indicates that most analysts expect a rate decrease in September after positive employment data was released in the U.S.
Bullish Signals for Bitcoin and Rising Altcoins
The broader cryptocurrency market gained momentum as Bitcoin formed several bullish chart patterns, indicating potential further growth. Bitcoin generated a bullish flag pattern on the daily chart and found key support at $112,000, which is its previous all-time high and the 50-day Exponential Moving Average. These technical signals suggest that Bitcoin may be on the verge of a new record high, likely pushing altcoin prices higher.
The cryptocurrency market demonstrates optimism amid upcoming changes and favorable technical signals for Bitcoin, which may lead to price increases across the entire ecosystem.
