Today we are going to dive deep into recent price movements in the cryptocurrency market. We’re going to cover our market leaders as well as one red-hot altcoin.

There have been some pretty large moves over the past couple of weeks across the board in the crypto market. The Federal Reserve’s decision to cut interest rates by 50 basis points has stirred the crypto world, injecting a wave of optimism that has long been absent. Has the rate cut been the catalyst this market was waiting for? Perhaps, but we need to look at some key levels before we jump to any conclusions.

Follow along in the video for the full analysis or read the summarized version below.

Bitcoin: The Market Leader Poised for a Breakout?

Bitcoin (BTC), the flagship cryptocurrency, has been in a pivotal position ever since the Federal Reserve’s rate cut on September 18th. This move, marking a shift from the high-interest rate environment of the past two years, triggered an immediate price surge for Bitcoin. Investors interpreted the Fed’s decision as a signal of an incoming era of increased liquidity—historically a favorable condition for risk assets like crypto.

After bottoming out below $50,000 in early August, Bitcoin bounced back, and by mid-September, the coin had pushed past the $62,000 resistance level. However, the market is now eyeing the next crucial test: $65,000. This resistance level has become a key barrier for Bitcoin, and could dictate whether or not the next leg of the crypto bull market is upon us.

That’s because BTC breaking above $65,000 would put a definitive end to the streak of lower lows and lower highs, signaling an end to the down turn that has plagued the crypto market since March. We are entering Bitcoin’s best season of the year, as we know BTC tends to do well in Q4.

However, Bitcoin is currently trading in “no man’s land” around $63,500, meaning it’s teetering between testing the $62,000 support level or breaking out past $65,000. The next week will be decisive: Bitcoin will likely either confirm its next bullish phase or retreat, potentially dragging the market down with it.

Ethereum Showing Signs of Life

Ethereum (ETH) has also seen positive price movement but with a slightly different story. Following the launch of its Ethereum Spot ETF in May, ETH had steadily declined, hitting a recent low on September 6th at around $2,200. However, since then, it has rallied 22%, now trading near $2,600.

The next major resistance level is Ethereum’s August high at $2,800. If Ethereum can break this level, it could signal a more significant recovery, further fueled by the overall optimism in the crypto space post-rate cut. Unlike Bitcoin, Ethereum has definitively formed a lower low on its September 6th dip, adding to the ambiguity around the altcoin’s future direction. Still, the recent price surge provides room to breathe for ETH investors.

Interestingly, Ethereum has outpaced Bitcoin in gains over the last week, a rare occurrence in recent months. This could be a signal that Ethereum’s long-standing trend of lagging behind Bitcoin may be coming to an end. However, much like other altcoins, Ethereum is also waiting for Bitcoin to break the crucial $65,000 mark before fully running.

AAVE Gaining Momentum

If you’ve been following my articles and videos lately you’ll know that I’ve been talking a lot about Aave for a while now. For good reason. Aave has been one of the hottest coins in the crypto market over the past few months, and looks to be gaining momentum.

AAVE is up more than 115% since the August 5th low, and just set a new yearly high of over $175 earlier this week. There is not a clear resistance level on AAVE’s chart for quite a while, and I believe this coin could really run. However, Aave, like most cryptocurrencies are waiting on confirmation from Bitcoin that the crypto price correction is over. As soon as investors are clear that the next leg of the bull market has started Aave will have the green light to continue to build on it’s recent momentum.

Final Thoughts

We’ve had to remain very patient over the past 6 months in regards to crypto prices. This has been the longest mid bull-market price correction in Bitcoin’s history. However we are now seeing a lot of signs that we are now on to better things. We are waiting for one last major signal: Bitcoin smashing through $65,000.

I believe we could see that resistance level fall in the next few days, and with it could come a huge bullish wave amongst altcoins. Things are starting to heat up and I for one couldn’t be more excited to see where we go.

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This article previously appeared in Investing Daily.