Cryptocurrency Market Rises Today Altcoin Market May Experience a Rebound

CoinWorld reported:
After the Federal Reserve’s interest rate cut, investor sentiment has shifted to neutral, providing a boost to the cryptocurrency market.
With demand continually rising, Bitcoin has reached a new 30-day high, while the TAO token has surged 24% in value, leading altcoins upwards.
The liquidity inflow into the cryptocurrency market is substantial, with a total increase of $6.82 billion in the past 24 hours.
As the overall market sentiment has become less fearful, both the total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) have increased. The token TAO, which supports the DePin network Bittensor, has led the altcoin market with double-digit gains in the past 24 hours.
Liquidity Continues to Flow into the Cryptocurrency Market
The interest rate cut by the Federal Reserve last Wednesday resulted in a significant change in the overall sentiment of the cryptocurrency market. Since the Fed lowered rates by 50 basis points (the first cut since early 2020), the Fear and Greed Index has shown a shift from fear to neutrality.
This change in sentiment is reflected in the steady increase in total cryptocurrency market capitalization since then. In the past 24 hours, the total market capitalization has increased by $6.82 billion, bringing the current total to $21.8 billion.
In recent weeks, the Chaikin Money Flow (CMF) indicator has confirmed the liquidity inflow into the cryptocurrency market. This indicator tracks how money flows in and out of assets and has been on an upward trend since September 7.



The rise in CMF indicates that token accumulation is underway, with buyers dominating and pushing prices higher. This is seen as a bullish signal, especially when the CMF crosses above the zero line, indicating the market is in a net accumulation phase. As of the time of writing, the Chaikin CMF stands at 0.27.
If this accumulation trend continues, the market may attempt to break through the long-standing resistance level of $2.20 trillion that has been in place since April. A successful breakthrough and retest could pave the way to $2.31 trillion.
Bitcoin Climbs to 30-Day High
Bitcoin is trading at $63,707, with a 1% price increase in the past 24 hours. It has reached its highest price level since August 26.
In the past week, demand for this leading token has surged, with its value increasing nearly 10% over seven days. The rise in its Relative Strength Index (RSI), which currently stands at 63.18, reflects this.
The RSI can measure the overbought or oversold conditions of an asset, indicating that recent purchases of BTC have outnumbered sales.



If BTC’s accumulation remains steady, it will attempt to break through the barrier formed at $65,066. A successful breakthrough at this level could enable the king of cryptocurrencies to rise to $67,976.
Bittensor Leads the Altcoin Market Recovery
The leading DePin token TAO has seen its value increase by 24% in the past 24 hours, leading the market upwards. As of the writing of this article, the trading price of this altcoin is $575.29, marking its highest price since April 15.



TAO is rising towards $634.60, another price level reached in April. However, its overbought reading on the RSI suggests that a correction may occur. If the token experiences a correction, its value may drop to the resistance level of $471.90