Bitcoin Soars to New Heights: Is $78,777 Next After Fed Rate Cut?

Bitcoin Touches a New All-Time High Near $77,000

Bitcoin (BTC) price rallied and reached a new all-time high (ATH) of $76,849 following the US Federal Reserve’s 25 basis point (bps) rate cut. This surge has set the stage for a potential move towards the 141.40% Fibonacci extension level at $78,777.

At the time of writing, Bitcoin trades slightly higher, around $75,900. The Moving Average Convergence Divergence (MACD) indicator supports Bitcoin’s rise, signaling a bullish crossover, although the Relative Strength Index (RSI) at 70 suggests a cautious outlook due to overbought conditions.

If BTC fails to maintain momentum and closes below $73,777, it may decline further to retest the significant level of $70,000.

Ethereum Bulls Show Signs of Strength

Ethereum (ETH) also demonstrates strength, breaking above the key resistance level of $2,820, trading around $2,911. If this level holds, ETH could rally further to retest its weekly resistance at $3,236. The MACD indicator signals a bullish trend, while the RSI is trending upward at 68.

Should the $2,820 support fail, ETH may decline to $2,342.

Ripple Poised for a Rally

Meanwhile, Ripple (XRP) has broken above the 200-day EMA at $0.547, trading slightly down around $0.550. If this level holds, XRP could extend its rally by 15% to retest its daily resistance at $0.626. The MACD indicator also indicates a bullish crossover, with the RSI at 58, suggesting growing bullish momentum.

However, if the 200-day EMA fails, XRP could retest its next key support at $0.488.