Altcoin traders could send MATIC, SUI, RENDER and TAO higher if Bitcoin manages to continue trading above $64,000.
Bitcoin (BTC) is up more than 9% this week, indicating that the bulls are trying to push the price toward the resistance of the $55,724 to $73,777 range. According to data from SoSo Value, the United States-based spot Bitcoin exchange-traded funds (ETFs) witnessed strong inflows of $252 million on Aug. 23, indicating solid buying by investors.
The latest surge in Bitcoin happened after US Federal Reserve Chair Jerome Powell said during his annual Jackson Hole symposium speech that interest rates were due to fall.
“Bitcoin demand in the US spiked today as the Fed signaled the cycle of lower interest rates will begin,” CryptoQuant’s Head of Research Julio Moreno said in an Aug. 24 post on X.
