Global Easing Trend Commences as BTC Approaches 65000

BitpushNews reports:
China’s proactive monetary measures, combined with the Federal Reserve’s recent 50 basis point interest rate cut, signal a global trend towards easing.
With the release of a comprehensive stimulus plan by the People’s Bank of China, financial markets have regained optimism.
Data from Bitpush shows that Bitcoin fluctuated around $63,200 on the day, subsequently breaking through the $64,000 resistance level, with a trading price of $64,440 at the time of reporting, marking a 24-hour increase of 1.8%.



The upward trend in altcoins continues, with the majority of the top 200 tokens recording gains.
The largest gain was seen in Echelon Prime (PRIME), which rose 21.3%, followed by dogwifhat (WIF) with a 14.9% increase, and Altlayer (ALT) with a 12.4% rise. The most significant declines were in Aave (AAVE), down 6.6%, Catizen (CATI), also down 6.6%, and MX Token (MX), which fell 5.3%.
The overall market capitalization of cryptocurrencies currently stands at $2.25 trillion, with Bitcoin’s market share at 56.3%.
In the U.S. stock market, as of market close on the day, the S&P 500, Dow Jones, and Nasdaq indices all increased, rising 0.25%, 0.20%, and 0.56%, respectively. Spot gold continued its record-breaking rally, surpassing $2,660 per ounce for the first time in history.
Global Easing Trend
On Tuesday, the Conference Board reported a significant decline in consumer confidence in September, with its overall index dropping from 105.6 to 98.7, marking the largest monthly decline since August 2021.
Influenced by this news, data from the Chicago Mercantile Exchange’s FedWatch indicates that market expectations for the Federal Reserve to cut the benchmark interest rate by another 50 basis points at the November meeting have risen from 50% the previous day to 61%.
Analysts at QCP Capital stated that China’s proactive monetary measures, coupled with the Federal Reserve’s recent 50 basis point rate cut, indicate a global easing trend that may soon support risk assets, including cryptocurrencies.
Best September Performance?
Despite a rocky start for Bitcoin in September, the month has seen a rebound of 7.25% as it approaches the end, with the potential to achieve its strongest September performance in history.



Technically, Joel Kruger, a market strategist at LMAX Group, believes that Bitcoin’s initial resistance level stands at $65,000: “We need to see this psychological barrier clearly broken to initiate the next upward momentum and retest and break the historical high.”
Many analysts expect bulls to easily surpass $65,000 in the coming months, especially if Bitcoin closes September with positive momentum, as historical data indicates that in years when September sees gains, Bitcoin typically performs strongly in the fourth quarter.
Kruger summarized: “October and November are the best months for crypto assets, so the market should anticipate entering the fourth quarter.”



Crypto analyst Will Clemente noted: “Transitioning from seeking to cut gains during volatility to allowing winners to continue rising is psychologically very challenging. In my view, the exact change in BTC market structure above $65,000 is the threshold for risk appetite and shifting this bias.”
Data from CoinGlass shows that as prices maintain a range-bound fluctuation, the liquidity of both long and short positions in the BTC/USD order book on exchanges is strengthening, with $62,000 and $65,000 remaining key levels of focus for traders.



Prominent trader Daan Crypto Trades expressed optimism about the next movement: “Bulls know where the liquidity is, and breaking above the $65,000 level will create higher highs and disrupt market structure. After that, the $70,000 level will have significant potential, as there is a lot of liquidity in that area, and we will take it step by step.”