Technical analysis by chartzilla about Symbol BTC: Buy recommendation (9/18/2024)

FOMC Rate Cut: The Federal Reserve cut rates by 50 basis points in September 2024, aiming to boost economic activity as inflation eases. This cut provides increased liquidity and lowers borrowing costs, likely benefiting speculative assets. Bitcoin’s Cup and Handle Pattern: The cup and handle pattern in Bitcoin suggests a bullish breakout with a potential target of $120,000. Lower interest rates increase investor demand for Bitcoin, encouraging price gains. The favorable monetary environment supports a move toward this target, as investors seek higher returns in alternative assets like cryptocurrencies. BTCUSD