In the Asian market on Monday, September 23rd, gold surged to a new all-time high of $2,630, while Bitcoin soared above $64,400 and the RSI indicator triggered a bullish signal. Analysis of the head and shoulders pattern suggests that the ratio of Bitcoin to gold is expected to rise by over 400% by 2025. The Bank of Japan maintained interest rates unchanged, while the Federal Reserve cut rates by 50 basis points, stimulating buying interest in precious metals and cryptocurrencies. #Latest news on Bitcoin#

(Source: FX168)

The Bank of Japan kept interest rates unchanged last week, remaining within the range of 0.25%, which alleviated the potential for yen carry trades. Atsushi Mimura, Japan's Chief Foreign Exchange Diplomat, stated that Japanese authorities are closely monitoring the market for any signs of yen carry trade reconstruction that could exacerbate market volatility.

The Federal Reserve's decision to cut rates by 50 basis points in September formally marks the start of an easing cycle.

The Reserve Bank of Australia will begin a two-day policy meeting on Monday, and the bank governor will decide the country's monetary policy path on Tuesday.

Singapore will release the Consumer Price Index for August, with a Reuters survey indicating that the core CPI is expected to rise by 2.6% year-on-year, compared to 2.5% in July. The overall CPI is expected to increase by 2.15% year-on-year, compared to 2.40% the previous month.

Investors are digesting the Federal Reserve's rate cut and regional central bank measures, with most Asian stock markets rising. Last week, all three major US stock indexes recorded gains, with the S&P 500 rising 1.36%, marking the fifth increase in the past six weeks. The Dow Jones Industrial Average closed up 1.62%, while the tech-heavy Nasdaq Composite Index rose 1.49%.

The ongoing geopolitical tensions in the Middle East are intensifying. According to the Times of Israel, on Saturday evening local time, Hezbollah fired at least 10 missiles at towns in the northern part of the Jezreel Valley in Israel. In response, Israeli warplanes conducted a series of retaliatory strikes in southern Lebanon, hitting at least 110 Hezbollah positions.

Looking ahead, the US PCE index and speeches by multiple Fed officials are expected to become market catalysts.

Gold technical analysis: RSI approaching overbought territory.

FXStreet analyst Dhwani Mehta said that from the daily chart, it seems that the gold price is ready for a correction, as the 14-day relative strength index (RSI) is in overbought territory and currently approaching 72.

If buyers can withstand the downward pressure, they will need to decisively break through the psychological level of $2530 in order to further rise. To break through this level, they will need to test the psychological barrier of $2650, as buyers will then aim at the threshold of $2700 for the first time.

In the downward correction trend, the gold price will test the previous day's low of $2585, and after breaking this low, the static support level of around $2550 will be challenged.

A deeper correction could threaten the key support level near $2535, which is the intersection point of the high on August 20 and the 21-day simple moving average (SMA). #GoldTechnicalAnalysis#

(Source: FXStreet)

Bitcoin technical analysis: RSI indicator triggers bullish signal.

Renowned trader and analyst Titan of Crypto has put forward a bullish view, stating that the price of Bitcoin is expected to rise by about 35% by the end of this year, with a medium-term target set at $85,000. He points out, "The weekly RSI breakout means that Bitcoin will have an explosive trend before the end of the year."

He also added, "Historical data shows that when September closes in the red, the fourth quarter usually shows a strong upward trend. If Bitcoin can close above $59,000 this month, a bull market can be expected by the end of the year."

(Source: Twitter)

Peter Brandt, a veteran analyst and founder of Factor Trading who successfully predicted the Bitcoin crash in 2018, also holds an extremely bullish stance on the Bitcoin-to-Gold ratio. He stated that based on the technical analysis of the Inverse Head and Shoulders (IH&S) pattern, the Bitcoin-to-Gold ratio is expected to rise by over 400% by 2025.

He predicts that the price of one Bitcoin could reach 123 ounces of gold as early as 2025, achieving a growth of over 400% compared to 24 ounces on September 22, 2024.

(Source: Twitter)