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Leading cryptocurrencies consolidated over the weekend after the Federal Reserve's dovish signal spurred a rally.

Cryptocurrency Gains +/- Price (Recorded 9:15 p.m. EDT) Bitcoin BTC/USD -0.16% $64,196.74 Ethereum ETH/USD

-0.22% $2,755.76 Dogecoin DOGE/USD -1.35% $0.1104

What Happened: Bitcoin briefly hit $65,000 Sunday before relegating to the $64,000 region, where it fluctuated for most of the weekend. Ethereum also pulled back from $2,790 to settle around $2.750.

The total cryptocurrency liquidations hit $74.33 million in the last 24 hours, with long liquidations accounting for $48.22 million.

Bitcoin's Open Interest remained flat, rising just 0.18% in the last 24 hours

The Cryptocurrency Fear & Greed Index flashed "Greed" as of this writing, reflecting a marked improvement from last week’s “Fear” sentiment.

Top Gainers (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 9:15 p.m. EDT) Artificial SuperIntelligence Alliance (FET) +8.65% $1.36 Bittensor (TAO) +4.97% $351.85 Sei (SEI) +4.89% $0.3548

The global cryptocurrency market stood at $2.25 trillion, following a marginal drop of 0.63% in the last 24 hours.

Stock futures were broadly flat Sunday evening. The Dow Jones Industrial Average Futures gained 0.04% as of 9 p.m. EDT. Futures tied to the S&P 500 added 0.08%, while Nasdaq 100 Futures ticked 0.15% higher.

The market was upbeat after Fed Chair Jerome Powell delivered a clear message about lowering interest rates next month.

According to the CME FedWatch tool, investors have priced in a 61% chance of the central bank cutting rates to 5%–5.25%, down from the current 5.25%–5.5%.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely-followed cryptocurrency trader Poseidon stated that their bias would remain bullish as long as Bitcoin stays above $60,000.

"I don’t see any significant resistance until we reach $85,000," the trader remarked.

$BTC Daily

As I expected, the price bottomed in the daily demand zone at $57k. We've also broken out above the daily EMA21 and the 5-month range low. I don't see any significant resistance until we reach $85k.

As long as we hold above $60k, my bias remains bullish. https://t.co/2jEQifLIY8 pic.twitter.com/vNPhmNMifh — Poseidon (@CryptoPoseidonn) August 25, 2024

Prominent cryptocurrency analyst Rekt Capital drew attention to the historical post-halving price trajectory of Bitcoin, based on which they projected the leading cryptocurrency's breakout from the ongoing consolidation phase by late September.

#BTC

Bitcoin has been consolidating for almost 6 months

But this current ReAccumulation Range isn't even the longest one in this cycle

From formation to breakout, the 2023 ReAccumulation lasted longer at 224 days

If history were to repeat, then Bitcoin would breakout in… https://t.co/nbVk8hAzj2 pic.twitter.com/FCaantr3zX — Rekt Capital (@rektcapital) August 25, 2024

Photo courtesy: Shutterstock

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