The Bitcoin price has recently capitalized on the cup and handle pattern to soar above the $63,000 level, according to data from GeckoTerminal. BTC has now surpassed both the 50-day and 200-day Simple Moving Averages (SMAs), which confirms the bullish trend.

As of 8 a.m. ET, the price of bitcoin, or 1 BTC, was $62,661.23. The crypto’s highest intraday price in the past year was $73,750.07 on March 14, 2024. The chart above is pulling data as of 8 a.m. ET daily and doesn’t display intraday highs or lows.

The Federal Reserve implemented a 50 basis point rate cut, with expectations of further reductions to bring the median benchmark rate to 4.4% by