Leading Cryptocurrencies Consolidate Over the Weekend after the Federal Reserve's Dovish Signal Spurs a Rally

What Happened: Bitcoin briefly hit $65,000 Sunday before relegating to the $64,000 region, where it fluctuated for most of the weekend.

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

Bitcoin and Ethereum both saw minimal gains. The total cryptocurrency liquidations hit $74.33 million. Bitcoin's Open Interest remained largely unchanged.

The Cryptocurrency Fear & Greed Index flashed "Greed" as of Sunday evening.

Top Gainers (24-Hours)

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

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.

#BTCBitcoin has been consolidating for almost 6 monthsBut this current ReAccumulation Range isn't even the longest one in this cycleFrom formation to breakout, the 2023 ReAccumulation lasted longer at 224 daysIf history were to repeat, then Bitcoin would breakout in… https://t.co/nbVk8hAzj2 pic.twitter.com/FCaantr3zX

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