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The digital currency sector experienced a surge on Thursday morning, buoyed by the Federal Reserve’s widely expected reduction of interest rates by 25 basis points. This move positively influenced risk appetite across various crypto assets.
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Cryptocurrency
|
Ticker
|
Price
|
|
Bitcoin
|
(CRYPTO: BTC)
|
$117,201.67
|
|
Ethereum
|
(CRYPTO: ETH)
|
$4,581.02
|
|
Solana
|
(CRYPTO: SOL)
|
$246.71
|
|
XRP
|
(CRYPTO: XRP)
|
$3.13
|
|
Dogecoin
|
(CRYPTO: DOGE)
|
$0.2804
|
|
Shiba Inu
|
(CRYPTO: SHIB)
|
$0.00001334
|
Key Highlights:
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According to Coinglass data, over the last day, 107,269 traders faced liquidations totaling $400.85 million.
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SoSoValue’s data reveals that spot Bitcoin ETFs experienced net outflows of $51.3 million on Wednesday. Spot Ethereum ETFs also saw outflows, amounting to $1.9 million.
Analyst Commentary: Crypto Caeser suggested that if Bitcoin successfully reclaims the $117,000 mark, it could signal a robust breakout, potentially leading to $120,000. However, he cautioned that another rejection at this level might trigger a retreat towards lower support levels.
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Daan Crypto Trades identified $118,000 as a crucial threshold. This level represents a high-volume area and the peak of the initial rally following the Federal Reserve Chair Powell’s dovish remarks at Jackson Hole. Sustaining above this level could swiftly propel Bitcoin back to its range highs.
Crypto chart analyst Ali Martinez pointed out a sell signal indicated by the TD Sequential indicator on Ethereum’s chart after previously identifying a bottom. He anticipates a potential pullback towards $4,570.
Altcoin Sherpa observed that Solana is currently challenging the $250 resistance level, a long-term barrier dating back to 2021. A successful breakout could ignite substantial upward momentum.
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Dark Defender emphasized XRP’s robust daily Relative Strength Index (RSI), noting that the $3.10 resistance is weakening, suggesting a possible surge beyond $3.1097.
Scofield highlighted Dogecoin’s readiness for its next upward move.
Image: Shutterstock
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This article Bitcoin Taps $117,000, Ethereum, XRP, Dogecoin Shine On Federal Reserve Rate Cut originally appeared on Benzinga.com
