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Price analysis 9/23: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

Bitcoin bears are defending the $65,000 resistance, but if it gives way, BTC and altcoins are likely to chase new all-time highs.

Bitcoin’s (BTC) rejection near the $65,000 resistance shows that the bears want to keep the price inside the lower half of the $54,000 to $73,777 range, but the bulls are not willing to give up easily. The latest 10x Research report pointed out that Bitcoin is ready for a rally, considering that it is entering the historically strong season from October to March.

Another bullish development for the cryptocurrency markets could be the aggressive 50 basis point rate cut by the Federal Reserve on Sept. 18. CoinShares’ latest weekly digital asset fund flows report said the rate cut could have triggered inflows of $321 million into digital asset investment products last week.

Daily cryptocurrency market performance. Source: Coin360

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Bitcoin price strength extends to AVAX, SUI, TAO and AAVE — Are altcoins back?

Bitcoin's rally to $64,000 increased traders' interest in altcoins like AVAX, SUI, TAO and AAVE.

Bitcoin (BTC) dipped below $63,000 on Sept. 22, indicating possible profit booking by short-term traders. Some analysts believe that Bitcoin could enter a minor consolidation before attacking the crucial overhead resistance at $65,000.

While short-term uncertainties remain, analysts are bullish for the long term. Standard Chartered global head of digital assets research Geoff Kendrick expects Bitcoin to reach $200,000 by the end of 2025. Kendrick anticipates the positive inflows into Bitcoin exchange-traded funds, a marginal uptick in inflation, and the likely removal of Staff Accounting Bulletin-121 — a rule effectively preventing banks from holding digital assets for clients — to be the major triggers for Bitcoin’s rally.

Crypto market data daily view. Source: Coin360

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