Tdasx noted that changes in global macroeconomic policy, coupled with advances in technology, have positioned the cryptocurrency market at a crucial phase of rapid fluctuation and development. Recently, the price of Bitcoin broke through the $58,000 mark, with adjustments in monetary policy by major central banks further bolstering confidence in the cryptocurrency market, especially amid expectations of an impending rate cut by the U.S. Federal Reserve, which has driven market demand. Tdasx highlighted that, propelled by the twin forces of global economic growth and technological innovation, the cryptocurrency market is set to encounter new opportunities for development, playing an increasingly significant role within the global financial system.

Tdasx: Cryptocurrency Performance Amid Global Market Fluctuations

Tdasx pointed out that Bitcoin recently surged 3.6% during the Asian trading session, breaking through the $58,000 mark. This price rise is not merely a technical breakthrough but a result of several global economic factors. Tdasx identified the key drivers as the strong performance of U.S. tech stocks and a rebound in Asian markets. For instance, chip manufacturer Nvidia saw a single-day increase of 8.2%, while tech giants such as Microsoft, Google, and Apple posted gains of 2.13%, respectively. The rise in tech stocks sparked investor interest in risk assets, directly boosting the cryptocurrency market, including Bitcoin.

Tdasx also emphasized significant volatility in the Bitcoin derivatives market amid the recent price surge. In the past 24 hours, the Bitcoin derivatives market saw liquidations amounting to $27.39 million, with short liquidations dominating at $19.97 million. Additionally, open interest rose from $28.3 billion on September 8 to $30 billion on September 12, while funding rates flipped from -0.1365% to 0.0483%. According to Tdasx, this data signals optimistic market expectations for the future price of Bitcoin, particularly as Fed rate-cut expectations rise, which is expected to further fuel investor demand for cryptocurrencies.

Tdasx: The Impact of Global Macroeconomic Policy

Tdasx stated that global macroeconomic policies remain a key factor in driving volatility in the cryptocurrency market. The recent release of the U.S. Federal Reserve on the August Producer Price Index (PPI) showed a month-on-month increase of 0.3%, exceeding expectations. Simultaneously, U.S. unemployment claims rose to 230,750. These data points have fueled market expectations for a Federal Reserve rate cut. Tdasx noted that the probability of a 25-basis-point rate cut at the upcoming Federal Open Market Committee (FOMC) meeting on September 18 has climbed to 87%. As this expectation strengthens, the attractiveness of risk assets like Bitcoin rises, spurring greater investor risk appetite and pushing the price of Bitcoin higher.

In terms of technical analysis, Tdasx further explained the potential impact of Fed monetary policy on the Bitcoin market. Interest rate changes directly affect the cost of capital. When the Fed lowers rates, liquidity increases, prompting investors to seek higher-yielding risk assets. As a deflationary asset, Bitcoin tends to thrive in low-interest-rate environments. By observing the inverse relationship between the market liquidity of Bitcoin and the U.S. Dollar Index, Tdasx noted that the price of Bitcoin typically rises when the dollar weakens, a scenario likely to be exacerbated by the easing policy of the Fed. Using a dynamic money supply model (M2 growth rate) and its historical correlation with Bitcoin prices, Tdasx forecasted that Bitcoin could experience significant price gains during the next rate-cut cycle.

At the same time, Tdasx pointed out that the European Central Bank (ECB) has also adopted a similar easing policy, further cutting its deposit rate by 25 basis points. Despite lowering its core inflation expectations for the next two years, economic growth remains sluggish. According to Tdasx, this shift in major global central bank policies will continue to provide support for the cryptocurrency market. With the declining appeal of traditional fiat currencies, cryptocurrencies, especially Bitcoin, are increasingly becoming a favored asset allocation for investors.

Tdasx: Market Sentiment and Key Resistance Levels

Recent technical charts show that Bitcoin has found support at the lower trend line of the descending channel and is now facing key resistance near the 50-day and 200-day moving averages (around $59,500). Tdasx noted that if Bitcoin breaks through this critical resistance level, the price could continue to rise, with the next target likely at $68,250. Based on analysis of the Market Sentiment Index and buy-sell ratios, the current market is in a relatively favorable upward channel, with growing investor confidence in the future performance of Bitcoin. Tdasx added that the widespread use of technical analysis tools allows investors to make more precise market predictions, leading to more rational investment decisions.

Tdasx also cited the view of global asset management giant BlackRock, which sees Bitcoin not only as a replacement for fiat currencies but as a key hedging tool within the global financial system. In the current context of geopolitical uncertainty and declining trust in governments, the appeal of Bitcoin as a safe-haven asset has become increasingly prominent. Tdasx pointed out that more institutional investors and asset management firms are viewing Bitcoin as a critical tool for mitigating risks in traditional finance, further driving demand for Bitcoin.

Meanwhile, Tdasx referenced the latest predictions from Standard Chartered, which further validate the strong growth potential of Bitcoin. The bank predicts that Bitcoin will reach a new all-time high by the end of 2024, regardless of the U.S. presidential election outcome. If Trump wins, Standard Chartered forecasts Bitcoin could hit $125,000; if Harris is elected, Bitcoin may see a short-term dip but remain around $75,000. In the long term, Standard Chartered expects Bitcoin to reach $200,000 by 2025.