CryptoQuant: Bitcoin 'Earnings Supply' Level Signals Potential for Further Rise

According to CryptoQuant, the price of Bitcoin has risen nearly 8 percent after the U.S. Federal Reserve cut interest rates by 50 basis points, The Block reports. Its “Profit Supply” indicator has broken above its 365-day moving average, signaling that further gains are likely ahead. The indicator shows that more and more bitcoin holders are in profit, potentially reducing selling pressure and boosting market confidence. However, Bitfinex analysts cautioned caution, noting that Bitcoin's rally was initially driven by spot market purchases, but a slowdown in this activity could lead to consolidation or a partial pullback in the short term.