In the wake of the Federal Reserve’s recent dovish indications, major cryptocurrencies exhibited consolidation over the weekend, which led to a rally in their values. During this period, Bitcoin reached a peak of $65,000 on Sunday before settling in the $64,000 range for the remainder of the weekend. Meanwhile, Ethereum experienced a decline from $2,790 to around $2,750.

In total, the cryptocurrency market faced liquidations amounting to $74.33 million within the last 24 hours, with long positions accounting for $48.22 million. Bitcoin’s Open Interest saw minimal change, increasing by just 0.18% in the same timeframe. Notably, the Cryptocurrency Fear & Greed Index indicated a sentiment of “Greed,” a significant shift from the previous week’s sentiment of “Fear.”

Currently, the global cryptocurrency market capitalization stands at approximately $2.25 trillion, reflecting a slight decrease of 0.63% over the last 24 hours. Stock futures remained stable on Sunday evening, with the Dow Jones Industrial Average Futures gaining 0.04%, S&P 500 futures increasing by 0.08%, and Nasdaq 100 futures rising by 0.15%. The positive market sentiment was largely fueled by remarks from Federal Reserve Chair Jerome Powell, who suggested a forthcoming interest rate reduction next month. According to the CME FedWatch tool, market participants anticipate a 61% probability that the central bank will lower rates to a range of 5% to 5.25%, down from the current rate of 5.25% to 5.5%.

Cryptocurrency analysts, including the well-known trader Poseidon, maintain a bullish outlook for Bitcoin, asserting that as long as the cryptocurrency remains above $60,000, there is no substantial resistance until the price reaches $85,000. Another noted analyst, Rekt Capital, highlighted Bitcoin’s historical price patterns following halving events, suggesting that a breakout from the current consolidation is anticipated by late September.

In summary, the recent signals from the Federal Reserve have engendered optimism within the cryptocurrency market, leading to cautious yet positive movements in the valuations of Bitcoin, Ethereum, and other major cryptocurrencies. Investors remain vigilant as market conditions evolve and analysts provide insights into potential future price trajectories.

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