Market Picture

The crypto market rallied solidly by 3% to $2.15 trillion, gaining further momentum after the Fed's decisive rate cut. Increased risk appetite in the markets after the Fed's decision helped cryptocurrencies hit highs over the past three weeks. The crypto market has been moving within a downward corridor since mid-March, and only a surpassing of the recent $2.25 trillion peaks could change this trend.

Bitcoin has reached the $62K level. That's an impressive 19% gain since the lows in early September, but only 7% in 7 days and less than 2% in 30 days. The downtrend has been in place since March, and the previous peak of around $64K roughly coincides with the 200-day moving average. We assume that Bitcoin may encounter serious resistance at this level, overcoming which would clear the way up.

Ethereum has shown a promising rebound from its 200-week average, ending the week in positive territory. From current levels above $2400, significant resistance is unlikely to be encountered until the $2800 area, near the 50-week average.