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Cryptocurrency markets are trading higher ahead of Wednesday’s interest rate decision.

Cryptocurrency Price Gains +/- Bitcoin BTC/USD $60,346.5 +3.9% Ethereum ETH/USD $2,351.85 +2.8% Solana SOL/USD $132.5 +1.1% Dogecoin DOGE/USD $0.1013 +1.7% Shiba Inu SHIB/USD $0.00001335 +1.7%

Notable Statistics:

IntoTheBlock data shows a 55% increase in Bitcoin's large transaction volume and a 6.4% spike in daily active addresses. Transactions greater than $100,000 widened from 6,005 to 7,493 in a single day.

Coinglass data noted 46,219 traders were liquidated in the past 24 hours as total liquidations stood at $125.31 million.

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/- Immutable IMX/USD $1.42 +15% Celestia TIA/USD $5.22 +13.3% Fantom FTM/USD $0.5693 +10.4%

Trader Notes: IntoTheBlock stated that as Bitcoin is chasing the $61,000 mark, traders should watch out for $64,000 as the key level, where 1.57 million addresses are currently holding at a loss.

The price spike led crypto trader Jelle to predict that a break above the dotted line could lead to "Q4 turbo bull thesis…a reality."

Nothing like #Bitcoin rallying straight into resistance, the day before a major news event.

Closed my leveraged positions again here — time to ride spot until the dust settles.

Break above the dotted line, and the Q4 turbo bull thesis becomes a reality.

Let's see 👀 pic.twitter.com/mezW2n8ns8 — Jelle (@CryptoJelleNL) September 17, 2024

In another tweet, Jelle sees that the market is gearing up for a sell-the-news candle tomorrow. He noted that this could be the most important FOMC event in a long time.

Stockmoney Lizards predicts that a weekly close above $60,000 will lead to a bullish flip and an expected consolidation at $60,000/$61,000 before heading towards $65,000. He also marked BTC making a new short-term high.

Crypto Rover highlighted a chart to show BTC movement the last time rates were cut by 50 basis points.

In exactly 24 hours the FED is expected to cut the rates with 50bps.

The last time this happened, the #Bitcoin bull market got initiated.

Will history repeat? pic.twitter.com/YDeLm4bg9i — Crypto Rover (@rovercrc) September 17, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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