A zoomed in picture of the dollar bill
The crypto space has been waiting eagerly for the outcome of today’s Federal Open Market Committee (FOMC) meeting in anticipation of a rate cut.
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Finally, the Fed has cut rates by 25 bps as announced today 17 September. The question on the minds of many is, what happens next?
Will crypto rally?
Crypto investors and players have looked forward to the rate cut mainly because it traditionally leads to a rally for the market.
According to many analysts, the cut would be the fuel that ushers the crypto space into the altcoin season that has been anticipated for some time now.
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As it is, there are two possibilities. The first is that markets may pump as expected, which hasn’t started at the time of writing this report.
Secondly, the markets may not pump right away, in fact, there could be a general dip. However in the medium and long-term, the market may build momentum and then shoot from there.
Will Bitcoin break the resistance
Bitcoin’s ability to rally after the rate cut depends on its ability to break through a major resistance between $117,000 and $118,000.
With the weak response seen in the market currently, it may take longer than expected for the number one asset to break through the barrier and reach the new all-time high predicted by some analysts.
If that is the case, it may be difficult for altcoins to rally as well, unless the altcoin season is in full swing which is unlikely.
The Fear and Greed Index which shows the amount of greed in the market is currently at 51% which is neutral, meaning investors are indifferent.
However, things can turn around quickly as the crypto market can be easily influenced by anthing, be it emotions or fundamentals.
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