In the most significant Bitcoin news today, the key indicator has turned ‘neutral’ from ‘bearish’ ahead of the highly anticipated Fed rate cut. This coincided with a court rejecting President Donald Trump’s request to fire Fed Governor Lisa Cook before the FOMC meeting.
Bitcoin News Today: Sentiment Shifts to Neutral from Bearish
Bitcoin sentiment switches back to ‘neutral’ from ‘bearish’, according to Julio Moreno, head of research at CryptoQuant, on September 16. The Bitcoin Bull Score Index, a key on-chain indicator of market sentiment, signals neutral sentiment for the first time since late August ahead of an anticipated Fed rate cut.
Notably, Bitcoin broke multiple key support levels in late August that triggered a crash below $108K from $120K. Now, the Bitcoin Bull Score Index is up from 20 to 50 in the last few days. The index needs to climb above 60 to signal bullish conditions.
Meanwhile, the Crypto Fear & Greed Index also rises to 52 (neutral) from 48 (neutral) last week. The increase in key sentiment indexes ahead of the much-awaited Federal Reserve rate cut signals a further recovery in Bitcoin and the crypto market.
However, investors would likely wait for the U.S. Federal Reserve to announce a 25 bps or bigger rate cut on September 17 to confirm market direction.
BTC Holds Above $115K as Court Eases Fed Concerns
The U.S. District Court for the District of Columbia again stopped President Trump from firing Fed Governor Lisa Cook before the FOMC meeting. The latest step in a legal battle that threatens the Fed’s longstanding independence.
As CoinGape reported on Monday, District Judge Jia Cobb granted a temporary restraining order to pause Trump’s decision to remove Fed Governor Lisa Cook from the Board of Governors. The court urged defendants Fed Chair Jerome Powell and the Board of Governors of the Federal Reserve System to provide Lisa Cook all rights to her office and voting in the FOMC meeting.
Meanwhile, the Senate has confirmed Trump’s pick Stephen Miran as the new Fed Governor. He will vote with members of the Board of Governors during the FOMC meeting.
Bitcoin holds above $115K as traders await the Fed’s monetary policy decision tomorrow. BTC trading within the intraday low and high of $114,461 and $116,747, respectively. Trading volume rises 54% over the last 24 hours.
Varinder Singh
Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 5000 news articles and papers.
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