The release of the FOMC minutes by the Federal Reserve has had a notable impact on the price of Bitcoin (BTC), with a 2% surge leading to a daily high of approximately $61,830. Despite this increase, BTC has encountered a significant resistance level around the 50-day Moving Average (MA). However, the daily Relative Strength Index (RSI) has rallied above 50%, indicating a renewed bullish momentum. Concurrently, the price of Gold has reached a new all-time high of over $2,500 per ounce, while major global stock indexes, such as Japan’s Nikkei 225, are experiencing a rebound.

Institutional investors, primarily led by BlackRock’s IBIT, have demonstrated growing demand for US-based spot Bitcoin ETFs, with more than $210 million in cash inflows over the past two weeks. On a single day, US spot Bitcoin ETFs reported a net cash inflow of approximately $40 million, increasing the total assets under management to about $55.96 billion.

Furthermore, on-chain data analysis by Coinglass has shown a continued decline in the supply of Bitcoin on centralized exchanges over the past five months, despite a bearish outlook. Notably, institutional investors, including Metaplanet Inc., MicroStrategy, and Marathon Digital, have accelerated their accumulation pace in recent years.

Looking ahead from a technical perspective, Bitcoin’s price is currently at a critical juncture that could lead to a major bull run or further capitulation in the near future. The increasing demand for altcoins, exemplified by the recent approval of spot Ether and Solana ETFs in the Americas, may potentially result in a reversal of Bitcoin dominance. Crypto analyst Benjamin Cowen has expressed the belief that the flagship coin is poised for a parabolic surge in the coming months, surpassing previous bull cycles.

In conclusion, the potential rate cut by the Federal Reserve has sparked significant movement in the price of Bitcoin, with institutional investors showing heightened interest in spot Bitcoin ETFs. This, combined with the declining supply of Bitcoin on centralized exchanges and the forecast for a parabolic ride by analysts, suggests that the cryptocurrency market could experience significant changes in the near future.

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