Bitcoin has surged over 9% this week. Investors are actively buying the cryptocurrency following US Fed Chairman Jerome Powell’s announcement about interest rate cuts.
Bitcoin Price Analysis
Bitcoin vaulted above the 50-day simple moving average (SMA) at $61,759, indicating reduced bearish pressure. The 20-day exponential moving average (EMA) has started to rise, and the relative strength index (RSI) has moved into positive territory. These signals suggest a potential climb to $70,000, though bears may attempt to drag the price below the moving averages.
Polygon (MATIC) Price Analysis
Polygon (MATIC) soared above the $0.49 level, indicating rejection of lower levels. The moving averages are on the verge of a bullish crossover, and the RSI is in the positive zone. The price may drop to $0.47, providing support for the next rise to $0.75. Should it fall below the moving averages, a correction to $0.39 is possible.
Other Cryptocurrencies Price Analysis
SUI and RENDER also show positive trends. SUI bounced off the 20-day EMA, signaling aggressive buying. If it crosses the $1.11 mark, a rise to $1.44 is possible. RENDER shows growth amid strong demand, but overbought RSI indicates a potential short-term correction to the 20-EMA level. TAO is facing resistance at $361; breaking this level could see it rising to $500.
The positive trends in Bitcoin and other cryptocurrencies may continue unless significant pullbacks occur. Investors should consider market volatility and conduct their own research before making investment decisions.
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