Technical analysis by Rising-star- about Symbol BTC: Buy recommendation (9/23/2024)

With Bitcoin breaking through the $64,000 mark on Monday morning, and up 10% over the past week, there are a number of catalysts that are driving the momentum.From last week's Fed rate cut and increased demand for bitcoin ETFs to bipartisan political support, the list goes on. Although for different reasons, analysts seem to agree that they will drive oil prices higher and set the stage for further gains in the coming months.Bitcoin (BTC) was trading at $63,520, up 1.2 percent in early European trading hours and up about 10 percent over the past week. According to data from CoinGecko, Ethereum (ETH) was trading up 2.4 percent at $2,650, up about 15 percent in the last seven days.One of the main drivers behind Bitcoin's rise was the Federal Reserve's recent decision to cut interest rates by 50 basis points, a decision that weakened the dollar and made Bitcoin an attractive hedge against inflation and fiscal uncertainty. With the U.S. fiscal debt reaching $35 trillion and increasing by $1 trillion every 100 days, Bitcoin is increasingly seen as a gold-like store of value.Let's not forget that bitcoin has surged 45% year-to-date, outpacing gold's 27% gain. I'll have more analysis for you later...The momentum of Bitcoin ETFs will also continue to be an important factor. Despite the recent price volatility, inflows into the Bitcoin ETF remained net positive, with total inflows of $17 billion. "New approvals for investment banks (Morgan Stanley recently went live) will continue and we expect inflows to accelerate again after a gestation period for advisers to recruit clients," Bernstein said in the report. At the same time, major institutional investor MicroStrategy raised another $2.1 billion to buy more bitcoins, increasing its holdings to 252,220 bitcoins, or about 1.3 percent of the total bitcoin supply. Echoing Bernstein's bullish view, cryptocurrency analytics firm 10x Research highlighted the importance of Bitcoin's cyclical and upcoming seasonal patterns, which have historically driven the market higher. MicroStrategy's move to aggressively buy bitcoin indicates strong demand, which could amplify Bitcoin's upward momentum as more companies follow suit. The overall market may also benefit from the increasing adoption of Bitcoin by traditional financial (TradeFi) investors, who see it as a valuable hedge in times of uncertainty.Traders ready for a new week? Grasp your own operation, if you have a loss, or want to make a profit, please contact me, I can help you!