Bitcoin just hit a new all-time high, and the Fed might give it another boost

The top crypto blew past $124,000, fueled by optimism hinting at a rate cut.

Bitcoin ($BTC) isn't just back—it's stronger than ever. The leading cryptocurrency just set a new all-time high, hitting $124,474 on the Binance spot market. This milestone isn't just a number; it means it's broken its previous record of $123,218, proving the bullish momentum is far from over.

Bitcoin ($BTC) hits a new all-time high in the crypto market, driven by a possible Fed rate cut and bullish technical analysis. / TradingView

An Unstoppable Rally and a Key Trendline

Bitcoin's latest surge came after it broke through a key resistance zone—a price point that had been holding it back. Once that ceiling was shattered, the bulls took over.

Since April, Bitcoin's price has stuck to a clear upward trendline, a technical signal that traders see as a sign of strength and a sustained trend. As long as the price stays above this line, technical analysts suggest it's got nowhere to go but up.

The Fed in the Spotlight: The Missing Spark?

But this rally's story isn't complete without the macroeconomic catalyst that's supercharging it: the U.S. Federal Reserve (the Fed). The markets are already pricing in a potential interest rate cut on September 17.

According to the federal funds market, the probability of a rate cut is an overwhelming 99.9%. A looser monetary policy from the Fed tends to weaken the dollar and push investors toward riskier assets like Bitcoin, making it more attractive and valuable.

Is a New Golden Age on the Horizon?

With this new all-time high and the tailwind of a possible rate cut, investors and enthusiasts are wondering if we're at the start of a new phase of massive growth for Bitcoin. All signs—both technical and macroeconomic—point to the journey just getting started.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Investing in cryptocurrencies involves risks.