Bitcoin Continues to Rise After Renewing Morning Highs

Fed FOMC Minutes Suggest "Consideration of Lowering Interest Rate Target Range"
BTC Breaks Morning High in Massive Futures Short Liquidation
BTC Maintains $110,000 Level, Altcoins Record Over 5% Gains

Bitcoin (BTC) broke its morning high as the U.S. Federal Reserve (Fed) signaled a potential July rate cut.

On the 9th, the Federal Open Market Committee (FOMC) meeting minutes revealed that "some participants mentioned they could consider lowering the policy rate target range at the next meeting if the data aligns with their consensus".

Additionally, "several participants noted that the current benchmark interest rate target might not be significantly higher than the neutral level".

With expectations of a potential Fed rate cut, Bitcoin surged, triggering massive short position liquidations in the futures market and momentarily breaking its previous high. Bitcoin touched $112,055 at 4:55 AM.

After setting a new high, Bitcoin maintained the $110,000 level and continued its upward trajectory. Altcoins also followed the trend, recording average gains of over 5%.

◇Bitcoin = Bitcoin price on Upbit at 4 PM was 151,180,000 won. Bitcoin dominance was 64.62%.

According to on-chain analysis platform Sigbit, Bitcoin futures market long and short betting ratios were 30.93% and 69.07%, respectively.

Katalin Tischhauser, Research Head at Signum Bank, told Cointelegraph that "Bitcoin is being perceived as a hedge against fiat currency value decline" and "a decoupling phenomenon is occurring where Bitcoin shows independent strength even on days when the S&P 500 index falls".

◇Rising Coins = At 4 PM on Upbit, Bonk (BONK) recorded the largest gain, rising approximately 6%.

Bonk is a Solana-based 'meme coin' that was a key player in the animal meme coin surge last year.

Bonk surged alongside SOL's price increase since November 2023, recording about a 410% rise over two months last winter. Currently, it boasts high recognition and trading volume among meme coins.

◇Fear and Greed Index = The Alternative digital asset Fear-Greed Index is at 71 points, entering the 'Greed' stage. The greed stage indicates increased price volatility and trading volume, with a higher likelihood of short-term peak formation, requiring caution in selling.

The cryptocurrency Relative Strength Index (RSI) provided by Sigbit was 66.8, indicating a 'neutral' state. RSI measures the relative strength between an asset's upward and downward pressure, serving as an indicator of overbought and oversold conditions.

Reporter Seung-won Kwon ksw@blockstreet.co.kr